OMPANY NUMBER: 3401010 CHARITY NUMBER: 1063732 THE PORTSfvIOUTH GRAMMAR SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 THE PORTSMOUTH GRAMMARSCHOOL CONTENTS OF THE FINANCIAL STATEMENTS Page GovernDrs, Officers and Adw5ers Report of the Directors 4-27 statement of Directors. Responsibililps Z8 Report ofthe Audrtors 29-32 Consolldated Statement of Finandal Activibes 33 Consolhlaled Bajance Sheet Company Balance Sheet 35 Consolidated Cash Flow Slalemenl 36 Notes to the Financial Strdtements THE PORTSMOUTH GRAMMAR SCHOOL GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 COMPANY REGISTRATION NUMBER: 3401010 CHARITY REGISTRATION NUMBER: 11￿3732 REGISTERED OFFICE: The Portsn1oulh Grathmar School Hioh Street Portsmouth Hampshire P012LN GOVERNORS The Trustees of the charity are also the school Govern<)rs and Directors of Ihe company, Tha Governor8 who 8erved during the year ended 31 August 2022 were as follows.. EX-OFFICIO GOVERNORS The Rlghl Worshipful, the Lord M8yor of.Portsmoulh'. Councillor F Jonas (resigned 30 April 2022> Councillor Canon Dr H M250n (appointed 1 May 2022) The Dean of Portsmouth: The Very Rev'd Dr A Cane, BA. MPhil PhD REPRESENTATIVE GOVERNORS Nominat￿ by Christ Church, o￿Ord.. Dr Martin Grossel Bsc MA PhD Proleèsof Brian Young jaPPOillTeci 16 iknarcn 20121. CO-OPTATIVE GOVERNORS Mr8 S Baker MA Mr5 K Bishop BA ACA (VI￿ Chairl T Burden MA W J B Cha BA (Chairl M R Coffin BA (Econ) FCA Mrs V Durham Ms S Gin9ell N D Latham CBE Msc CEng FIMarEST FIMechE His Honour Judge Lodder KC LLB J Nléholls BA ACA FCT (resigned 3 December 2021) P Parkins'on BA J Poullon BA ICantab> Dr S Ross Mrs M Scctt 8Sc {resvJned 3 De￿mber 2021} 121 121131141151 111121(31141 121131151 121131 {2>14)151 11) 11) 12} {31 (41 (si Member ofthe Education Committee .hllember of the Finance and General Purposes Committee Member ol the Nominationscommillee Member of the Remuneration Sub Committee Membey ofthè Audit and Risk Committee Page 1 THE PORTSMOUTH GRAMMAR SCHOOL GOVERNORS. OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 OFFICERS Head D J W￿ke8 MA {appointed 01 Septernber 20221 Dr A K Cotton BA MSI DPhil MAIEdl (resigned 31 August20221 Head of Junior School Mr8 A Wilson-smith BA Secrelary, Bursar and Clerk lo the Goveming Body R J Read BA MA (Appointed 01 Seplember20221 S R Merriam BS¢ CDlr (resigned 31 August 20221 The key managementp$rsonnel within thè school, knoimi as Ihe.Senlor ManagememTeam (SMT.) consists the abov8 officers and Ihe following.. Senior Deputy Head D M L Payne MA MEd Deputy Head (Academic &Staff Welfare} S L Ha318m BA W (Appointed 01 Jantjary 20221 Deputy Head (Academic} B C T Goad BS¢ (Resigned 3J Dec8mber2021} Deputy Head (Teaching aDd EtJuc8tion Devdopmonll H R Wiggins MA .Deputy Head (Innovation) LFR￿5MSc Assistant Head {Paslorall FEABush BA Asslstsnl Head (Head of Sixth Forml RHClayBA Assisianl HeadlAdmissions & PartnoTship51 J Jackson BS Assistant Head ICo.curriculurn) C Ellis Bsc Assistanl Head (Pupil Progfessl M Hill BA Med (Appoinled 01 January 20221 Deputy Hea"d of the Junior Sch(x)I J AshGroft BSG ADVISERS BANKERS: Lloyds Bank pl 214 Palmerston Road Soulhsea Hampshire P05 3QH SOLICITOR5: Blake Morgan Now King5Court Tollgate Chandl&s Ford Easlleigh Hampshire'S0533LG AUDITORS: Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Eérkshire RG1 1 PL INVESTMENT ADVISER5: Inveslec Wealth and Inveslm2nt Ltd 30 Gresham Street London EC2V 7QN INSURANCE BROKERS.. Hettl& An(Jrgw$ Eleven Brindley Place" 2 Brunsw￿￿ Square Bimiingham B12LP Page 2 THE PORTSPJIOUTH GRAMMARSCHOOL GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 ADVISERS (contlnuedl INSURANCE BROKERS {conlinuedl Marsh Brokerg Lld Education PracllG9 Gapilal Hous& I-S Perrymounl Road Haywards Heath Wo51 Sussex RH16 3SY Page 3 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTOR5 FOR THE YEAR ENDED 31 AUGUST 2022 The Directors, who are 8190 Governors of lh& school 8nd charty ITUSteesfor the purpos88 of Ihe Charflle9 Act2011, prpsenl their Annual Report in compliance wllh both Ihet Act and the Companies Act 20C6', thus including the Dire¢lors' Report and Strategic Report underthe 20C6.Acl. together with the audited financial '5talemen15.for thE year ending 31 August2022. DIRECTORS, REPORT CONSTITufioN AND OBJECTS The PortsM0￿h Grammar Schr)ol is a company limited by gusrantee wlhout share capital, govemed by Articles of Association and is a regislered charity, with number 1063732. In the event of the cO￿anY being wound up and Unab￿ to meet liabilities, each member undert8kes lo contribute a maximum of£l. 11. on winding up, there remain after sali51&lion of all debts and liabilities any assets, they cannot be paid lo or dislributod among'the metllbers, bul will be given to some other charitable institution having similar On incorporalDn of the school in September 1997, permanently endowed assets remained the propety of The Portgmoulh GramnHr School EndoN¥menl Trust, charity number 307355, of which the school is sole trustee. The Endowmgnl Trust is a subsidiary charity of the 5vhool and its investrnent income i% possed direct￿ lo theschool. On 20 May 2004, The Charity Commission directed Ihat"The Arthur Darby Nock Trust shall be treat￿ as formlng part of the charity called The Portsmouth Giammar Schry)I'. This Trust 15 held as an expen(kble endowment lo provKfe scholarships at The Portsmouth Grammar Schtjol. The school also has we wholly owned subsldiary company, PGS PromotBJn5 Limited. company nLThber 2937047. AIMS AND OWECTIVES Aims A Strategic Plan covering th&periad 2020-2025 was agreed with Gov8mors in early 2020. We wish the members of our School communlty lo be bolh happy and successful and our purpose as a school is to offer outstanding education that prepares eath individual to lead a fulfilled and putposeful life. The Main.ArcFiway is symbollc of our inolu51vity ag a school community and our desire lo expand hortions. lry the Spirit ol our founder, Drwlliam Smith, we 8nrourage our pupils to think not on￿. abDuI where Ihpy will be at 18 but where they aspire to be at.25. Portsmouth is aller all, a city conGorned with de5tinalv)n5. OurAims A5 a communty we aim lo.. Foster a nurturiro environment that enables each Indfvidual to grow in confldencaand to fulfil their personal pcjlential Ignito a love uf learning lo cullivale acatJemic.excellence and to f05ter indm'dual progress Equip each indiwdual lo thrive in a changing world Propare each itHSividual to make a positive contribulK)n lo their communtties. through both leadgrship and service Help each individual understand themseb￿S and devek)p their unique strengths. Page 4 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THEYEAR ENDED 31 AUGUST 2022 We wish the members of our communKy lo: Be happy and to thrive Enjoy learning ahd pursue suC￿S to the best of their ability Be prepared for the changing world beyond school Make an active contribution 8nd live purposeful lives Devew a sense of identity and to be thair own per5Dn. In 2032 we will celebrate tha 300th anniversary of tho founding of the School. Mindful of the evolving global landscape, we want our pupi15 to have the best possible preparation for their fulurgs. Wg are detetmin6d to strengthen the school even further, and lo pres¢rv& ils character and diversity, while we respond to th9 world around us. In p8rtner$hip with parents. we are ¢ummilled to providing pupils with the care and thg support, the envIronn￿nI And the CDntexl, to grow and thrive a5 the best version of Ihemsehfes. In order to achieve.this, over Ihelive years uf Ihe Strategic Plan we will fwus on.. 1. Maximising individual pupib, learning and progress, through challenge, Support and care,- 2. Pkcing personal development at tho heart of the school, as a laaming community,. 3, Working in purposeful partnership with our wider communilie5-. 4. Growing our commitment to fee assistance, so we may offer educational opportunities lo talented young people according to need., 5. Operatlng efficiently and sustsinably, lo further establish our position at the forefront of education in the South of England Objectives The key chanlable object of the School is the 8dvancement of education as a day srhool for boy6 and girls, or if tl)e Governors Ihini( fil, a day and boarding school. Currgnlty boarding Tacililie5 arg not promded, Religious inslructs.on is promded in accordance with the principles of the Chr5slian faith. Pag2 5 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTQRS FOR THE YEAR ENDED 31 AUGUST 2022 GOVERNANCE AND MANAGEMENT Govèrnlng Body The charity Is governed by ils Trust Deed, last amended in 1997 and 115 Memorandum and Articles. Th'e Goveming Body shoukl consist of not more than eighteen or women. TWD of the Govornors are Ex- Qffbuo, the D.ean and Ihé Lord Mayor. Two Govemors are nom￿aled by Christ Church, Oxford. The Governors are delighled lo welcome David Wckes as the School's Head, alongside John Read as Bursar, effectThie 131 Seplember and wouki like lo thank Anne Cotton (previous Headl and Simon Moriiam (previous Bursar) for Ihelrservic'e lo the School and it's community during their tenure. Recruitment and Training of Governors The Governots are also Directors of IlTre company. Those who served during the year are listed on page 1. Co-optstive and nominative govemors are appointed fora term of three years. Theymay be re-elected by resolution ofthe Governing Bcxjy at an Annual Gèneral Meeting. Co-optative Governors are elected by the Governing B(xly, They are volunteers who are able and wllling to devote lime and gnergy to the stfateg devekpmenl of the school 8nd th'ey provlde support lo and oversight of, the leadership of the Head and the SenioT Man8gemenl Team. Go-optslive Gov&rnors are Ilkely lo have signiliGanl professional. educational or business experiencè al a senior level. All Govemors are elected at a meeting of the G<)verning Body ar>d receThie a suf(able programme of induction from the Clèrk, the Head and tho Chair ot GoveTnors. Addiliortally, Govemors a￿ invilecl lo attend relevanl stafF professlohal development days and seminars pmvided by the Association of Govemlng Bodies in Independont Schools IAGBISI and olhgr proMder5 of specialist advice The school's 2Q16 ISI Inspection Report commented lavourably on the quality of the school'g governance and management awarding an Excellent grading. A cothpliance Inspection was conduGled by ISI in February 2019 and Ihe school was confirmed to be compltanl with the required standards. More re¢ently, in Sepletnber 2022, 8 Fr￿uSSed Compliance and Educational Quality Inspection was conduGled and the SchoDI was graded'Ex¢èllenl'" Oryanisation81 Management The Governing Body meets al least threè Ilmes b year. Tho work of implémenting their poliGi¢s 15 carried Dul by members of the Finance and Gener85 Purposes Committee IF&GP}, chaired by MT Latham, and Edu¢atK)n Coinmille2 (EC), chaired by Mr Burden, ljolh ot which mo&t lermly prior lo the full Goveming Body meèlirig. In addition, an Audit and Risk Committee, Chaired by Mr Goffin, meels at least Ihree lim&s p6r year with Ihe . specific remit of conlinL2QUS improvement to the governance and manaoemenl o* th& school. A Remuneration Sub Committee, chairèd by Mrs Blshop. mee18 at least annually lo review the school's pdicy on pay forteachin9 8nd support staff and lo make recommendations. The RemuneralKJn Commillee's Tem15 of Reference are rev&ewed annually. Th'e committèe Gonsiders published b&n¢hmaiking data on salaries and mekes ¢x)mp8risons with othèr ind&pendent schools to ensure that It remains sensllive lo the broader issues of pay and empkiymenl condiliorss elsewhere. Its PDIi¢y provides for 8ppropriate In￿nI1veS to encourage enhan￿ performance and th¢ rewarding fairly and reSW>nsib￿ for Indiwdual ¢ontribul¢on5 to the School's success. Page6 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 The School also has a Nominations Committee, chaired by thé Chgir of Governors or the Vice-chair if appr¢)priate which norma51y megts annually or More frequèntty Ir required lo m8ke Tecommendalions on Governor appointrnenls and lo consider surxe&sion planning. Working Groups of Governors with mombers of the senior management lea￿ may be established from time to time by one of the committees.to address specffic issuas. The day to day Djnning of the school is delegated lo the Head supported by'lhe Senior Management"Team ISMTI previously listed as key management personnel. All Governors, meetings are attended by th9. Head. the Bursar. and the Head of IhÈ Junior School. The'senior Deputy Head, Deputy Head (Academic), DepLIty Head ITeaching and Education Devebpmenll, Deputy Head Ilnnovalion), Assi$lanl Head (Sixth Forml, A8515lant Head (Pastorall, Assistant Head (Pupil Progress), As5iStanl Head ICo£urricular) ancl the Deputy Head Df the Junior School all&nd as and when necessary. Other members ol the School's managernent induding the Development Diroclor and Head of Marketing also attend meetings when their areas of responsibility are discussed. Delivery of the school's charstable viiion and purpose is primor.ily deppndént on our key martagement personnel and slaff costs ale the largest'sin9le element'of our charitable expendllure. Group Structure and Relatlonship5 The Charity has one wholly owned non)vernotB require the Bursar to seek value for money when engaging any supplier and this is ternpe￿ wilh forgbng stron9 r¢talEonships Ihat are ullimalety benefirAal to both parties. The Bur5aralso lakes int(Faccounl environmentsl cTgdenlials, when appropriate, vvhen chcK)sing a new supplier. The school is also keen lo a priority on local businesses where il can, and a Sustainability FONM invohring staff and pupils helps seek more ways of improving the s¢h. Em1551ons Factctr 2018 Electricity Netural Gas k&CO71kWh 0.256 0.184 DERV 0.253 Emlsslons Factor 202Z Elettricity Natural Gas kgCOdkWh 0.183 Diesel AV Biofuel Blend 0,241 Notes: Carbon conlenl of grid generated e￿Cl[1cP1V redvcing due to the impact of renewables. Average biofuel blend now adopled for vehiGlo fuel. Setting a Target The sch(￿1 occuples an hisloritt sile Mlh riiany parts of the eslal¢ being listed biJlldlr)gs. There are therefore limits lo the Improvements that can easily be made to improve energy efficiency. Thg results of the ESOS Phase11 process hIgh1￿h1$ that upgiading the lighb'ng al the sthool is the most likely area where savings could bè mad8. together ￿th the installalton of Solar PV lo the Sports Hall roof. We have now installed LED lighting lo our all-weathor Pitches al Hilsea and upgraded lo LED lighting with niovement sensors in our Music buildingi Gymn05ium, C blod( stalrcase and food leGh room.. The lolal energy savings idenb'fied by the E'SOS Phase11 process is 183,053klfvhlyear and represents 7.5% of the total consumption by the School. As some of this Saving has ntm begn reall$ed., a reallsllotar9et of 3¥0 has been 8dopled lo be achieved over the next two years. Energy Savlng Actions We have installed LED lighting lo our 811-weather pitches al Hilsea and upgraded to LED liryhling with moverrienl sensors in our Muslc.building, Gymnaslum, C block stalrcase and.food tech room. Eneryy Saving Plans We have reviewed our ulililies ¢ontract5 and reneggtialed these ID fixod lemi contracts to ensure best available market prices and to Improve forecast ¢osls. nAeler reading analysis is underway to fla9 any in year larger than av9rage usage th* could be curtailed. As a continued long-lerm prograrnme we will continue to upgrade our ex(sling Ilghting to modern energy effictenl lightsng when budget allows. Page11 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 PUBLIC BENEFIT Bur¥aries The school remains commilted io the aim of providing Public Benolit in accordan￿ with 'rts founding princlples and Iht GDvemors have.gfven carefvl regard io'lhe Charrty Commission's guidance ory Public Benefit and m'eans lesling. The school wèthmes pupils from all backgrounds. It 1$ important lo the school that access to the edu¢allon offered 1$ not restricted simply lo those Ihal can afford ihe fees. 11 is recognised that pupils benefit from learning wthin a dlverse ¢ommunily and Ihal learning occurs through social interaction and shared expertence. Sn this way we expect our pupiLq to develop a roundedne$5 of experience and perspective of other people that will be vital in Iheir adult lives. Entrance interviews and assessmÈnt5 are undertaken lo ensure that potential pupils Can benefit frC￿ the education provid8d and contribute to the school community. The provision of means-lesled bursary support continues as a key feature of the sGhool's admlssitsns process with bursaries equivalent to 1000/0 of the lees being availablt and regularly awarded. An individual's gender, ethn￿ty, race, religion or disability do not fom part of Our 8ssessmenl process for bursary support. Tho sGhool 15 Gommitted lo offering places to those most able to benefit from its education irrespective of finanGKg1 means. 11 is against this core ethos that bursaries are an eSP&ially highly valued aspeGt of the school's admi5SK)ns prwess. In addilK)n, the school provides continuing support'to all pupils alTeady in receipt.of fee a55iStance through bursaries. The school doos rlot have a krge endowment and in funding bursaries and sGholaTshlps, a balance has boen struok btheen rnainlaining an adequate surplus of funds lo.maintain the financial viabillty ol the sch(x)I, as well as continuing ID dpvebp appropiialoly the sthool's infrastructure and main18in ils historic GFade11 listed buildings. The school, line wilh other independonl schoo15, also makes some schoL8fshiy awards on the Ixsls of an IndivK1u81's educational polential, academic success in examination or excellen￿ in GWUrriGular a¢lMties. The awafds are genOTally low in financ￿1 value bul highty regarded by pupils and feeder schools. Sn 2021122 £2,350,61512020121'. £1,687,217} was award84 on a predominantly means4ested basis for scholarships ond bur88ries. The Breakdown of the Bursary awards lexduding the temporary bursary 5UPPOrtI was as folkJws'. 179 pupilsreG￿Ved bursary support of up lo IQOYO of the fees (S'gnior SchcKJlOnlyl12Q21r22':136) Delailed breakdown as follows.. 0 87 pupi15 receiving beÈween 75VA arid 1000A12020121.'59) 0 55 pupi15 receiving between 50% and 74/v12D20121'.46) 37 pupils recewing between and 49Yo.1.2020121.'31) The lotal valua of these bursario5 was£2,034,414 {2020121'. £1.427,2581. This included £99.707 (2020121- 2359,6311 of temporary bursaries granted as support during the Covid pandemic. Page 12 THE PORTSMOUTH GRAMIVIAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 PUBLIC BÈNEFIT (¢onUnuedl The Bre?k¢Jown of the SchoLgr5hip"av4ard8 was.as follow*. o Academic o Music o Sport Drama 242 (2020121'..2341 3712020121: 3D 2912020121.. 19) 2212020121.. 201 1612020121.. 141 The l¢)tal value of these scholarships was£316,201 (2020121: £259,959) Thfrwilliam Smlth Fund In July 2015 the school launched a signifunt buriary initiative olled The William Smith Fund, with the simple aim of creating a source of non-fe2 income lo help sustain our founderfs ViSiDn of ptoviding a world- class education forthe young people of Portsmouth and the surrDunding area. right at the heart of their home cty. The inillalive evidenced our ytrong belief in tho powerof means-tesled bU￿arleS. not only to break down the financial banfersto a PGS educati¢)n, but also lo enrich the enbro cofflmunity by enhancing its intellectual and $ock?I diversrty. Thè William Smllh Fund is a collective fundraising effort made each year by all members of th¢ PGS family alumni, former slaff, and frlends of the school. parents and grandparents of currenl pupils. Our aim is simple." We wish lo raise funds to In¢rease Olir mè8ns-tested bursaty provision, allowing us lo further open our doors to mor8 bright and promising boys and glrls from the I(￿1 area whose tsmilies would nol otherwise be able lo afford the full fee5.. Since the launch of thg Wlliam Smith Fund almost £1.5m has been re￿iVed and pledged by donors. In addlllon to bur5arpq the *chool IR engagtsd ir¥ many olher acL.vities *hat pro'lide pknbllc benefil L7nd 8if within the school's objectwes. The schaol is a patron of Shaping Portsmouth, a city-wlde Snitiatwe bKstween the private and public se¢lors lo improve edu(ats"onal opportunities in Portsmouth and lo support the economic success and well-being of. the cty as a whole. Sorng of our Sixth FDrm pupils work wkhln this organlsalion as part of their enrichment curriculum. The schcK)l also supports the educational WOTk of Ioc21 cullural and herftage centres. The Portsmouth Festlv81 (Ports Festi The schwl'$ ongolng commitment lo support the Ports Fe5t is a dear demn5tration of ils belief in the 5ignrficance and value of the crealwe & cuiiural arts. The events that are scheduled during that lime havg a strong emphasis towards young people throughout thè clly and therefore merit a considerable investment from PGS in terms of time, energy, imaginatlon. and funds, ensuring the events arE easily accessible to all. 2022 saw Ports Fest going ahead with four day5 01 high-quality ev¢nis over the perlod of 30th Jun6-2 July. The fe8tlv81'8 theme for 2022 bul*t.on the previous year, our audiences were inwtad lo Remember, Reimagine, Reignite. Over the four days the festival provided 83 events and worked in aclwe partnership with over40 artistic and Gullural organisallons, and worf(ed directly with 14 regional schoots, engaged with 380 artists and 747 p.articipanls. Ports Fest also had addrf(ional events outside of Ihe festival dales including a three-monlh exhibition al the Mary Rose Museum showcasing the creative work of Portsmguih Youn9 Carer5. The live event atsdIen￿ reached 9,264 with a lolal engagemenl.of 395,111 through participatlon online, broadcast or in writing. Paye13 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 PUBLIG BENEFIT 1cont1nu￿l Communlty PoTthering & Volunteering The school strongly believes in the value of PGS pupils being involved in parthershlps. charilablg ovpnis and volunle2ring in a wide variety of ways. As su¢h. It ig committ8d lo working closely with many local charities and Ilke-minded org8nlsalions and aims to Oplimise the èducational use of ils cultural and sporbng faulities and to.awaken in its pupils an awaren9s5 of the social context of the all-round education they receive. Collaboration with olhers schools this ye8r has been made much easier with the gentle lfftlng of the COVID - 1S. k)cal sch()ols have wekomed OUT Year 12 pypils back onto thèir sile8 and we have begurt to ptan and host events on our sile as well. In November 2021 we were ab19 to hogl over 300 children from local schods in Years 5 & 6 to a spèclal matinee performance of our Whole SchcN)I musical. In June we were able lo run the Gifted & Talented Summer School in person, as we did in 2019 and 1 B Year 5 pupils from 7 local schools joinèd us for two days. They part￿Ipated in a range of 8¢tlvitie6 Irom Design & Technology to Science arKI Drama, all based around the theme of 'Our City,. The Sixth Fom Communty. Actlon, WorkpL4ce (CAW) sch8mo on Monday aflernoons was ab￿ to run in.the .way we had oiiginally envisaged. All of our Yffar 12 pupils pnrollgd in Some form of community collaboration whTch included.. care homes, local sch¢xJls, helping local charitie5. or helping at. Ihe nearby Theatre Royal. Thoy finlshed the year with Social Adion Projects organising and running 8 range of events or projects withln the community. These links will GDntinue to grow and strengthen during the nexi cytle of the scheme. We are CDnlinuing lo bu1￿ on links wilhln ihe Portsmouth Education Partnership and Shaping Portsmouth in order lo join with them In Outreach and Partnerships WOTk for the benefit of the city. In March the Digrtal Enablement PTogramme launGhed. The initiative saw 12 of our Year 12 pupils work in cdlaboration with Shaplng Portsmouth lo sel up drop-in cenlT8S to hdp isolated adu115 Wlth lechnical IT issue5. We have been ablo lo welcome back some ol the bcal otYJanisation8 that we provkle subsidtsed facilities for. This has included the Solent Guild of WoodcarveryJ and Sculptures and Hampshlre Cricket. PGS continues ts partnership with Mayfield School. They have ￿centlY welcomed a new Head who is keen lo continue expanding the projects and actNil￿ that currently exist. The Wlkie Scholarships exist as an ex￿lIent means of offering a laagible link for successful Maylield pupils lo access a PGS eduration in Ihe Sixlh Foffli. OlhBr partneiship activi(ies have included sha￿d training and mentoring of puplls via our CAIJV schgme. Thi5 year we have also expanded Connections ￿th Portsmouth Academy, Castle View Acadgmy and The Island Frpe School to offer transformational bursaries lo several of their Year 11 pupils for Sixth Fom Sludy at PGS. In oollaboralion with HovertravEI we have been ab￿ to offer free hover travel to pupils from *h& Isle of INtghtwho receive such bur5arie5. Charitable Fundraising Thanks to the efforts of pupils, *aff, parents and olher members of our schod community fundraising remain5 8 core chaDlable activity wilhln the school. Thg school continue5 to support a variety of local, Nalional and IntemalK)no1 charities and during the last academic year thi5 included Save the Children, Support for Uganda and the Salvation Army Appeal. School Houses 3150 5UPPOrt charit￿S of their own choice each year (including PDSA, Houn(is for Herogs FKI LrfehDUSel and ￿lse awareness and funds through their own initiatives. that are largoly pupil led. The Sixth Fomi enrlchment proor8mme Ilgni1911 abo includas pupils volunteering in 5UPPOrt oé several local oruanisalions inGludlng th8 Ali Saints Church and Second Chance. Pupils involved in th9 Ugancla and Cambodia groups 819(J work IhrDughoul Ihe year in partnership with schooL4 in Ih05e countries lo raise *unds in support of the running of their school. Page 14 THE PORTSldlOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AU.GUST 2022 Education Partnarshlps The school enjoys a close rdalionship with many of the region's'unwersill69, Supporting Ihe.training of aiudent teachers at Chlehester, Portsmouth and Soulhamplon Unwersilies. A number of (he school's Staff fvifil volunlory roles as governors and trustees of schools and other educational, Gullurol and charitable Organisat￿nS In'lho local atBa and wlder region. The schod also has a range of active partnerships with sthoois over8eas,.including the United World School In Chia Thom, Cambodia. which it holptrd lo build,. and Kikaaya Coll49 School in Uganda. which enlDyS Slgnlficant ff nandal support from PGS lor internet and wifi provision. This is mainly. r8is9d by PGS pupils whom also partlcipale irf a range of.collabornlive aclwilie5 with the Ugandan pupils. In Juty durin9 our Enr￿hrne￿t day, half of Ygar 9 leamed a Ugandan dance that had been filmed and sent over in advance by Kikaaya and preparad for teaching by a number of PGS staff. Pupils then linked livè in thè DRT wilh Kikaaya and ￿rforrned forand with each other. Year 9 MUs￿l8nS and music staff alsojoined in the celebrations with dnjmming. PGS also conlinues a growing partnership with the suzhou Sdence and Language School in Chlna. PGS believes that pupils should be awaTe of the importance of living in a global communily and the many benefits and challen9e5 that this brings and the commitment to such partneTship8 18 an excellent w8y of ensuring that pupils are offered a tangiblg insight lo tl?e cultural diffeienG8s of other intemalional communf(ies. FUNDRAISING Fundraising achlevemtrnts In 21122 Thère wa5 a significant drop in major grfts this year, resulting from the inability to engage with major donDrs and prospects via fattÈ40-face meetings for m05t of a two-ygar period from spring 2020 to spring 2022. All but one of the five- and slx-figure gifts this year came from donors who had already made gifts at that level. Ihe exception being a five-figure legacy gift. The uncertainly lollowing the invasion of Ukraine by Russian forces, and th6 news of an in¢r&ase Df 54Ulo in the energyprice Cap in spring 2022, both had an impact on loweT-1gvel donors and our onlin9 Gimng Day In March. There was a marked increase in the nurnber of direct debi( gifts being cancelled at thi5 time, bul this settled as the financial year drew to a dose. The numberof re9ular, direct debil gifts redU￿d by 8Yg a¢ross the year as a whole. To Ilsl some of the achlevemenls.. Gifts.tr) th$ value of £399,426 were receiva frorn 741 indNiduals and orgahls81ions 98.50/0 of donors were individuals Donors represented th9 following con$iituencie5.' 54.5bh alumni . 35% current and formor parents 5 % current and former staff 3Yo fr￿ndS 10A widows and other relatives of OPS 1.5Qk org8hisations BLtr8arie5 li.e., means-leyted fee assistaneEI remained by'far the most Popular cau Page15 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 The full breakdown of causes supported was a5 follows.. numb?1 of ifts B value of 9.8B° 89.60 0.12° 0.29vk' 0.110 ifts UnreStr￿ed Bursaries Academic Co-curricular acliwl Prize fund ifts 6D 92.50 0.450 0.750h The largest wewed in 2021122 was speafic81ty in svpport of th8 school's secorKI online tsiviro Day for bursaries iri Ma'rch. Over that 36-hour period". . £265,000 was dohated 509 individuals rTr8de gifts" 34% of donors were rnaklng their first gifl lo the schod . Vvhile the nltmber of Giving Day donors was more than 21Yh lower than in 2020121. Ihe lolal raised wa5 only 5% lower The proportion of Giving Day donors who were current or former parents. increased from 28°h in 2020121 to 39V/ts in 2D21122 Legacy gifts Two legacy gIftsw￿e ￿eNed. A five-figure gKi Ftom a former member of staff and a four-figure gift from an alumnus AnotheT five-r￿Ure lega¢y gfft isdue from an alumnus once his e51ate is settled The 5chtsol is aware of a further 87 OPS, parents and former staff who have declared that they have Included a orft to Ihe school in Iheirwill FundraEsing practlc8 The Portsmouth Grammar School Is registered with the Fundrdislng Regulator arKI has adopld the Code of Fundraising Pracltce. Nerther the schod nor the Fundraising Regukloi has received any coniplaints about PGS'S fundyaising aclivty in the period o)vered by this report. Fundralglng is undertaken by the Devek)pmént DireGtor, a full-tim? employèe, wf(h support from two part- time members of Development Office staff (Alumni Relations & Events, and Development Manag8rl, and a Communication5 & Events Officer who is shared with the Head's Office and the Marketing Team. .During 2021r22, the support of these three individuals equated to approximalety 1.3 FtE The Devebpment Dirpctor repoNs to Govemors through the Finance and General Ptjrposes C'ommittee, attending ils tsrmly m8elings and provvjing w￿llell and verbal reporis. She is line-managed by the Head, wf(h whom sh& has fortnighlly meetin58 during term￿time, aceompanted by the Deputy Head Ilnnovalionl. In 2021122 she also had 5eparale weekly meetings wth the Deputy Head Ilnnov8tlonl and th& Bursar. PGS takes very seriousty ils relali¢)nshlp with alumt)i, P8rents, staff. Governors. and other supporter5. 11 has an ethical fundraising and gift acceptance pollcy which is revEwed every three years. None Df Ihe hoDI's fltndraising a¢tlvily should compromise donors, privacy, pul anyone under undue pressure or be unreasonably p&rsl8lenl. Page 16 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 LoDking ahaa4 to 2022123 Face-lo'face meetings with major donors and pr05pecls have resumed. though major donor fijndraising ia likely to lake some lime to recover. A new Head has joined the schojl in September 2022. and it wll be Important for him to meet as many majordonors and prospects as possible in hi5 first fow months. A third online Giving Day is planned for March 2023. to be followed by the school's fifth bÈnnial tdephone appeal in July. New legacy fundraising literature i& also being platihed. which will promote the idea of contributing to the school'5 endowment fund for bursaries. STRATEGIC REpoKr Strategles to achieve our Vlslon and Mlssion The Sthool'5 Straleglc Pian runs for 5 years and covers the period lo 2025. with operatlonal plannlng annually in Support of the IDnger temi strategy. Our Wision As a community we aim lo.. Fostor a nurturing environment that enables each indlvidual lo grow in confidence and to. fulfvl their personal polentisl Ignllo a love of learning to cultlv8te academic eX￿llen￿ and lo foster individual progress Equip each individtjal to thrTh￿ in 8 changing wodd Prepare each individual to make a positive contribution lo their communiti88, through both leadership and servi Help each individual understand Ihernselves and devebp their unique strengths. Wisli the memEiers of our communjty io.. Be happy and lo thrive Enjoy ￿rnIng and pursue success to Ihe best of thoir abiity B& prepared lor the changing world beyond school Make an active contrib￿tIon and live purposeful live8 Develop a sens& of idenlily and lo b¥their own person. Thero aro O maln strands to the Strateglc Plan 2020-2025 and they are.described below firstly by a summary explanalSon as to the schcx)I's tsrgel lo achieve over the S years, and then an explanallon Iln Ilalicsl of how the school will achleve thls and the work undertaken so lar, Maxlmlslng l￿diVIdUal puplls, learni'ng and proyres5, through challenge, 5UPPQrt and care Over the period of IhSs Plan the School wlll focus on bulldlng continued, excellence in our teaching and learning, investing in individual needs, creating .extended opportun*ties for intellectual challenge and independenl l$arning, and reviewing our Curriculum so that we can be respohswe to thé chan9iny wo.dd around us. 'W8 h8ve an excelleril reputation forteaching and leaming and arp keen lo devel(v tliis lurtherby r&.alising (h8 polential of th2 Connected CurrKtslum in the Junior School, and by ensuring Ihat we 8ngag8 and ch*l&nge all pupils effectively. We have a new Learning Support Centre to transfom7 Ihe leaming environinenl lor113ese pupils and enable us to bring logelherbolh Juniorand SenlorSGhool LS s18ff In one racility. We have taker3 significant steps fonvard in ouruse Df educalional lochnology arFd software in order lo f8cllit8te a fully ￿MOt& curriculum during t1￿ pandemio now retaining tha hast elements following. U lrflii)g of restnclions. The requirement to18arn new teacljing and leamiiig MeU￿d01OgY 8nd t1￿ intensive ltsining that has accompaiiied Ihat pmcess has focused our attenllon oil teaching end learning &s a commiinily. Considerable impetus is now being given to a Key Stagg 3 cur17culum review in Yett￿ 7 10 9 in all subiecls. Page 17 THE PORTSMOUTH GRAMMAR SCHOOL REPORT QF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 Placlng p.ersonal development at the heart of thg School as a learnin9 communtty Over Ihe period of this Plan the School will fccus on.. constantly developing our'stsff,. eiy)bedding Ihe"PGS CORE°which supports pupilslo reflect Dn thelr key qualities and gain insight into thgirpersonal dèvelopment.. creating an extensive programme of Sixth Form enrichm8nl,' Gontihuing lo build excellencè in proaclwe pasloral'care., preparing forfulure lives., colebratino difference through diversty and inGIu5ion', strengthening our btDad c0-curr￿UlUm', and ce12brating opportunilps for pupils as a IhroLtgh school. PGS has mc8nlfy become a founding Inember of the Schod's Inclusion Alli8nce alongside Elon and St" Paul's Girls School. We building on thal work with a COMp￿hen$1ve re￿eW of our 8divilies and structure4 lo ensure tl?at we are even belter plaGed lo combal discriminalion &nd divotsity. promole antitscism, ￿ndp￿pare puplls.lo make a poslllve 8nd aclivg contribution in a Mult￿ul1￿ral society. Issues lating to Bl8ck Lnies Matter8te P￿MIn8n1 in this work.. Enhan¢en7entS t17al can be made to teaching and olher aspe¢18 of school1rf8 following tho digilisalion of Ihe currrulum over Ihe pandgmic have been emb6dd8d wlwe appropilale as Ihe new norn￿{,. 3. Working in purposeful partnernhip with our wider Communltles Over the period of this Plan Ihe School will focus on- developing tnternalional horizons-, leaming through communlty activity lor dl year groups.. widening the ujllurai reach of the POrtsr￿ulh Festival,. and working in educational partnership bolh in the I[￿al area and Ihrou9h conlribution to Ihe broader educalional landscap9. In addition lo the many waysin wh￿h we alreadyengage the city 8ndlo681communiTy, w8 8re am￿"bOuS to develop furthor opportunilies fly volunleering and outreach. We keen lo slrengthen our Ilnks wfffh scIKX)Is in the Mainlain￿ sector, supporting a shared interesl in raising the aspI￿tR)n& of all young peoplp in Portsmouth. We will conlillue to support Ihe PortsmouthFeslibialin making a &ignificant&ndpo8ilive impaG¢ both ¢ulÈurally andeGonomKally as.a eity-wide feslr¢al of Ihe arts.. A numberof sl8ff178ve volunteered lo joi subi8cI speualisl hubs in Ihe city, wht¢h will extend our liiiks with Ioc81 schools and 8llow us to conlribulg to and18arn from gDod Pfaclise in teaching and leaming in the Gty. Growing ourcommitmenttDfee asslstance sowe may offer educational opportunltles to talgnted young peoplè accordlng to need Over the per￿d of the Strategic Plan and beyond, w8 cortumil lo making sigDifi¢anl steps in broadening access, and increasing the proportion of our pupils who recewe means-tested assistance and transformational buT5ary awards. T.h¢ schools second online Giving Day tookpl8ce In Ma￿h and was a.oaln a g￿aI.sUCctsts&, raising over£/* million for life-chang￿g bursarles. The Givir3g Day ￿ncOpl has quickly gslablished itself as Ihe sthool's WAm&ry mass fundralslng app9al aml an annual colgbralion in the lifg ol PGS, wilh rhe nexl such appeal planned for March 2023. Tha an7val of a new Head and Bursar in September 2022 will offer a prirTJe opportuftity lo oglablish npw relalionsl)ips with ex￿ling and pmspective major donors where fa6E.lo-face m601ings.and personal &tlention are Ihe key to Suc￿ss. P8ge18 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 opera￿ng èfflclently and sustalnably, tofurther establish our position at the forefront or Fducation. Sn the South of England Over the Per￿)d of this Plan the .S¢hool will focus on.. offerfng value for money,- transforming our $ile,' Improving our ènvironmental impact,. and supporting our staff to ffourlsh. As a school wo aifft10 p￿vide 8 stronger, more visible lead on Ihe value olliving andoperating sust&nably, making the rnosl ollh9 fosoufU¢SW8 havé forfrhe fvIU￿ he8llh of ourplanel. We arp commiltgdto ensuring affo￿&bilIty for ourpaTrnts now and in the fvÈur8, Ihrougii careful sleWa￿SIT1P and cost conlml. Ongoing efforts to becon7e 8 more suslainable school 17avo boon r6￿gnIsed through gaining the EC0￿chOOlS Bn)nze Awa￿1, supported by the work of the PGS Eco-councils whth meèt r8gu18rty and communlcete wllh the wider school GommunAty. We are cutrenlly working wth specialisf Gonsultanls lo fiirtherdevelop oursustainabilityprogramme. ACHIEVEMENTS & PERFORMANCE 2021-22 has been a 8u¢cessful year both through 8eademic achiev8menL our extensThie co-currtcular programme and the engagement of our pupils with the wider communty. A¢livilies were able to revert to the Pre-PandeM￿ forn7al for the most part, with pupils able to spend lime in placomgnl hubs when volunteering and participate in a largernumberof educalioDal day trips and residential 51ays than had be¢n possible in the 202Q-21 academiG year. It is pleasing to 8eE that Ihere is great demand for c￿CurricUlar trip5 after several years Df penl up demantl, and visitsto Vièlnam, Spain and 4 Ski trip are planned for the next academic year. PGS CORE continues to Ilourish at PGS, underpinning everything that W8 do. PGS core postcards are awarded where Col￿gueS see the school's core values in action andsom& of the school's prEes, awarded in September al the annual Prizegiving ceremony, are groupEd by these core walues. Resuts in A Level and GCSE exams In thp Gummer ￿lere 4he Wt AVaT a¢hieved by ￿s pup',Ts in an examination serigs. Al GCSE, over hair of all grades were awarded A., S or 8 and IhreequartÈrs of all GCSE grade5 were 9-7. A Level results were even stronger. Wlh 31.9% Bwayded an A* 9rade lor the18 equivalent of Gradè 71. 700A of all grades werfj in the range A"-A lor 7-6 for IBI and 860/0 were A."￿17~ 51. 93Yo of pupils obtained the grades necessaryto meet Iheirfimi universlty offer and 3 pupils needed to enter Clearing on results day, again an unprecedented achievgmgnl. Residential trip$ continu6to becentral to the school's ¢CTrGUTricular offering, provldlng intellectual and cultural developmgnl. This yeai, we began to see a slow, post-P2ndemi¢ retum to travel and pupils managed to Iravgl abroad to the United Slates pnd Croalia. wilh sever21 more planned for the coming months. A more k)cal focu5 for our outdoor and adventurous provision has also seen lar9e numbers ol pupils enjoy thè lo¢&1 wilderness as they undertook the John Muir Awards which is now open lo pupils in all years. HDwever, the lar9es1 increase in interest and participation is the Duk9 of EdinbuTgh Awards, with the Gold Award be¢orriing ever iiiore popular and excursions from the New Forest to northern Scotland being more regular as we expand into k2yakin9, cycling and sailing expeditions to compliment the u8yal hlking. The CCF also to¢Jk part in their annual thr￿.daY Contingent Camp In OEtober and hgld their Summer Advty Week al the3lart of the holiday. MUSIC As a Cathedral Schoot, music conlinL*es lo feature hlghly al PGS. We continue to develop and slrength8n our involvement in tho Cathedral's partnership WOTk Cathedral Sing with staff and pupils involved in supporting Ihe deliY&ry of this programme. Acr055 the year tho Dlrgctorof Muslc and School Organist have been involved in running workshops in schools in Portsmouth and on the 151e of Wight, assisting the Cathedral Sirtg Director. In May, 12 PGS ChorK51ers travelled lo the Isla of Wight tD p&rform in the final concert of one C81hedral Sing project wllh 300 primary school pupils. We continuo to plan collaborativety in orderto support oach other's work lo bring more singing opportunitie5 to our local community. Our Cathedral Ch0ri5*ers performed a hLtgety SU¢c8ssful Mess18h wf(h period Instruments in March, featuring 2 PGS year 7 boys and 2 PGS year 13 gir5s singing solo lolas. Page" lg THE PORTSMOUTH GRAMMARSCHOOL REPORT OFTHE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 Partnershlp w5th profegslonal muslclans The partnorshlp wlh the London Mozart Players ILMP) is 8 signiftcanl part of OUT Work and opportunty for the sGhool'5 musiciat3s to work closely with supportwe and encouraging professional Players and conductors 15 of huge educational value to our musicians. Our'fitsi 'iive" Elem￿branCe Concert for years in November was slyled as not onty Remembrance but also a celebration of being ablp lo make Iwe music again. With Covid rales rising we were unablèto invite olhgr schools loperform as partof our intended partnership project, but we were able lo involve over 200 pupils from year 7 10 13 and members of the Communlty Choir in this cgncert. The concert oP8n￿ wth Fiddler's Hill, conducted by ts composer, Jeff Moore, and performed by forty of our String players with the LMP. Based on folk-inspired material this energetic and ￿plIftIng perf0mlan￿ was hugely well recebyed by the a(Jdlence. PeleT Maxwell Dawes, haunting￿ beautiful Farwell lo Slromnesg was Sensitive￿ played by the PGS Symphonic Slrings with the LMP fol£owecl by an exaling perf￿ManCe of Jessie MonlgomÈry's Strum by the LMP strings. Tho first half finished with Dr Shahov's vlbranl arrangetttents of Hampshire Folk Song5 sung by the Chamber Choir with our Boys, and Girls, wocal g￿￿p￿. Mozart's momentOU5 Requw was performed in Ihe second half Df Ihe concert w￿h a Mass￿ thoir of pupils, parents, staff and Old Portmulhtans abng wth fabulous solols.1s. Slefanie Kemball-Read, Aurore Lacabe, Greg Tagsell and James Oldlield. This wa$ an exciting and dramat￿ performanc8 ol a demanding work and a filllng end to a Remembrance concert that was both elebratory and solemn. Our WDrf( wilh proles510n81 musicians continued with inspiring workshops for Dur guitarists with 3 Colours Guitar who also gave a wonderful wncert lo pupi15 and the local commun-ty in the evening. The Kate Williams Jazz trio came lo work with 35 of our jazz musicians on improvi5ption skllls and lechnques, culminating in a wonderful evening concert wherè Ihefirsl half was perfomied by our ptjpils and the second half by the professional trio. As covid rates were high this concert was performed without an audience but wa5 live-slTeamed and was shared wf(h Portsmouth Music Hub to shar¢ with lo￿al schools as a free concert. In Julywe hosted the worfd famous Black Dyke Band who worked wrth 60 of our br25s players (from juniors lo senk)rsl and then performed a public wncert at the Kings Theatre, featuring a number of items wf(h our *hool bands playing alongsKle th8m. Partnership with Community As restriction5 allowed we were able lo resume some of the partnershlp work we usually enjoy in the wider community. Chamber Choir and Brass Octet performed for R￿￿a￿'S Hospice's Treg of Lights SerV￿e in December. We 9180 ran two jazz Improvisation workshops, on8for pupils from the Prebendal School irt year 6-8 and one for pupils in year 44 from Bosrnere Junior Schcx)l. Thesè workshops were dèvised and run by the Difector of Music and ourjazz ensemble leader bul were led by pupils in year 10- a fantastic example of ¢ollaboralive leaming. PGS Brass werv invtied lo perform in the Guildhall lo support.the launch of the new Sea Angling class￿ Fi5hÈng Compelilron in Juty. Work with PGS Junlo Vve were delighted to be able tr) Wort< with our Junior School morg ¢b$e￿ th'is year, and Junior Music Week Sn May prO￿ded the opportunity for ouri52z musicians, ginger5, choirs and concert band lo Perfomi lo and with membors of our JunioT schwl, Pupil Leader$hip Th"e r¢turn of live House Muslc after years of absgncg was a wonderful Gglebration of collaborative, Pupil.￿ live music making. The imagination, ingenuity and creativity of all the houso gnlries was worKlerful lo seeand hearand each Housg MUS￿ Captain was able to make the best use of hi5 or her mLtsiaans. Frorn Lthr and E85h¥ood's innovative p05t-modernist quartet Imorton Feldman'5 Rothko Chapel) to Grant and Barton's exuberant, all4inging-a114ancing Can't take My Eyes Off You, our musicians really demonstrated the whole gamut ol musical styles and skills. Adjudicator, Carl Jad(son MVO, conynortted Up￿ the atmosphere of celebration and enjoyment thal was eY￿ent throughout th& evèning and also the evtdent musical lalenl on di4)lay. Diyèrslty and Incluslon As part of B￿Ck History month pupils in year 7 studied Afr￿an drumming and during the D&1 day in Octr)ber massad group of year 7 drummors ran African Drumming se5sSons In the Quad for pupils lojoin in. Page 20 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 Cathedral Organlsts Conforence In May Portsmouth Cathadral hosted thè Cathedral O￿aniSts, Associalion. During this conference the Cathedral and the School Music D8partmenl hosted a number of workshops for the visiting organists .including one on Boys, Changing Vol￿5 and their emotional well-being, Iwking 81 how the modd we have ostablKshed al PGS and the Cathedral couky be used in other cathgdrals. 8 of our slngers from PGS Changing Voicgs group perfomied and eng8ged in this workshop. DRAMA After a year of further pandemi¢-related disruption, il was a tremendous relief lo get back to far more slraighlforward routines in 2021-2022. Having said that, ourlremendou5 produclioh of 'Little Shop of Horrors. al the New Thgalr9 Royal in November 2021, showc8$ing a SUPQfb seleclion of acllng, vocal and choreographic lalent and perfomlgd in front of upwards of 1300 people, narrowty missed closurg due lo a retum of COV￿ by a matter of days- a huge stroke of luck for both ourselves and the audi$nces who saw it, not to mention Ihe 500 pupils from loc￿ junlor schools allending the matinee. House Drarna returned in person in February 2022, On￿ again demon51raling the wide breadth oftalenl and interest across the Senior School. This gtrength of ability and engagernenl was clearly shown In our Senior SthDoI Play Amadeus, in March, 8 newly-crealed opporlunily for Y9 - Y13 pupi15 to work Icgelher lo créa19 malure, high-qualily and accesslble drama - p18ying to full houses and great acclaim, il was an absolute Iriumph, achievlng a level of serlous performance not often seen in schools. May brought the Ifiiddle School's joyful production of 'Matilda'. dglighiing selkout audiences wlth the range and energy of a very special Cast and a superb band, but also notable for the number and qu81ily of Ma￿ performer5- not always usual for Thusicals, but a highly welcorne indicalorfor production510 come. The academic year ended with a lovdy, pupil-diwled productlon of '100, by a cast of Sixth Formers as ol PortsFest, playing at both Ihewedgewood Rooms and Mayfield SchDoI'5 new theatr¢. 2021-2022 was a wondèrful year for Dr8ma at PGS, and we look forward lo ¢qually aeLomplished perfomances o* 'A Christrnas Carol,. 'Chicago' and 'Emll and the Detectives,, alonyside the return of QLfr highly popular New York Drama Trip. in 2022-2023. SPORT The 2021122 sporting school year retumed to some nomiality P¢)St Covid-19 re51riction5'. Rugi)y The Rugby season $aw some strong p9rf0rman￿S from the Under 15,.9 and Under 16.9, which rosuf(ed in the Under 15A Squad winnin9 the Hampshire County Cup, and the U16A Squad winning the Hampshire County Cup 7's respectively. The Under 14,5, 18's and 18's also competed al the Rosstyn Parf( N81ional School 7's Toumament, which was a great experEnce for all involved. Twelve boys were involved in the Developlng Player Programme for either London Irish or Harlequins respeclively. Hock There were we8kty fixture5 as peT the norm for all agè groups. both girls and boy5. The Year 7,5 were incredibly enlhusiaslK with good numbers attending training throughout the firstiwo terms. Th8 1stXl Giris ached the National Quartor Finals of the Ind8pendefti Schools PLgte Competition, which was a first at Ihts age. The Under 15 Girfs also enjoyed a strong season with consistent performances. Meanwhil2, the Under 16 Boy$ won the Hampshire Trophy and the Boys 1siXI reachsd the T4 RegDnal Final$, losing lo Eton College on shuffle$, We also played our first ever U18 Mixed Hockey fixturg Wlth Lord Wandsworth Colleoe. The scheduled hock9y tour w85 Postponed and will now lake place in OctDber 2022 instead. Nethall Th8 Netball season gol under way with a talk and work8hop with London Pulse Super League.player and OP Ashleigh Dekker, and a trip to the London Copper Box Ar8na to watch Englancl vs Jamaica. PGS fieldod up1020 netball teams from U12 10 U18 and all had regular fixtures duTing the season. Three glrls were aL80 involved in the Londo)Y Pulse Development Programm&s. The future is looklng promising for netball at PGS. Page21 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022 Athleti¢s In cross-county, three pupils were selected for HarnpshiTe ai English Schools Ch8mpionships. Our full summer term athlelics programme included meets al Milllield and Daunlseys, wilh an encouraging numbei of girls and boys involved. The Year P Boys made the County Track Knockout Final. Fllfeen pupils across the year groupy aLso represented the distr￿1 al the county championshlps. We had siudenls achieve th following posillons al the County.ChampDn$hlps: place in javelini 2￿1 and 3td in shot put, 2Dd and 3rd in 800m, and a 41h in the 100m. Thg same girl who ffnished in th8 100m also qualilied for English Sthoo15 champ￿nShipS and was part ￿ the. relay squad that look bnjnze. We had one Year 7 girf who won Ihe County and Inler-counlies javelin cfjmpetilions, and she is.currently placed 2nd on the all.-lime U13 natsonal rankings in this discipline. Cricket PGS fielded 20 teams across btsys. and girfs. year groups, wth this b.eing the second year of girls crKket as core sport. The U12 boys made Ilie Hampshirg County Final. and thts U14 boys won Hampghire County Plate FSnal. One boy was part of Iho Hampshire Academy and even played one 2ndXI game for Hanyshire Cricket Club. Therg were county players, one in Year 10 and the other In Year 11, alongsTde several district players spread Ihroughoutlhe agegroups. The gi￿5, cr￿ket is still developing and we arg enGouraglng girls to join cricket clubs outside of School lo help accelerate their development. TennÈs Therewere Tennlsteams in.all age gfOLtps forbolh girls and boys, wlh gwd attendan￿ atS8turday nTh)ming Iraining sessions alongside the weekty early rnurning slots during the school year. The U13 boys won the Hampshiie League, beating Salesian College in the Grand Final. Two students were involved In Ihe County Squads and above. We are trying to establish strong Ilnks with Ihe Portsmouth Tennis Academy and now ha￿ a number of pupils plBying"in Ihelr squacls. Dance PGS Dance eniered the Danco Live compeb'lion run by the Guiki Hal Trosl that involved around 60 schools and 4000 young people. 43 PGS pupils were involved in the 7-minute production of our original piece'The Muse, whith told Ihe Story of a slruygling artist and a woman that reignites his inspiralloh - pupils danced, choreographed, designed and 8pplEd hBir and make-up, coordinated lighting and follow-spol opeiation, a[￿, most importanlty, h￿1 fun, grew in c(mfidence and galned new skills ovgrlhe many hour5 of rohearsaLs. After winning Iheir heal in February, PGS Dance wenl on lo the fsnals wheTe they placed second. A massive achievement considgring a majorty of the schools hav$ iaken part in the event before, some DI whlch were 6th fomi Dance College& while Ihrs was a firstfor PGS. Oulside of th8 'core' spu15. Ihe'House' Competitions continued lo providp another oppK)rtunity fof Students to part￿7pate in a competilwe yet fun sports envlronment during their lunch hours. The breacslh of optionsfor the olderyear5 within their Games lessonswas alsowell receNed, and included SailirE. Basketball, Football, DanGe and Filness.The retttrn of a traditional whole schod Sporls Day in th'e final vweek of tem w8s a fitting way to end the school year. PUPIL VOICE We continue to make excellent Progress towards our goal of ensuring that PGS is a Iwe learning comrnunily, "where all stakeholders can leam from each other. Pupil voice is 3 vory important part of this process, and we are delighted that our pupil loaders across the school have once again demonstrated admirable commltmenl and energy lo this important aim: Follow￿1g the ex*emal pupil voice audit conducted In 2020 we have a clear Sel of objective5 and strategy to reach our goals. O¥er5ight ol pupil voice at PGS was assumed by Luke Rees , largely representing an increase "In debt provi4ion and increase in bank loan inleresl of £8,964. Overall, Ihere was a net operaling deficit lor'the yeaT 01 £1,935,239 compared with an operallng surplus of £1,102,339 in the preYDus year. This a150 reflecls a £279,9631088 on investment portfolio CO￿Vred with a £380,291 surplu5 in the prioryeai as a resull of adverse nwrkel condrtions. Overall interest rale costs have increased by £6,$64. Interest rale ll5k exposure is managed by fixing Inte￿$1 rates on a proporlion of the loan portfolio within parameters that are agreed and regular reviewed by the Finance and General Purposes Cjmmittee. Further details of the loans and current interest rates are included in note 17. Net debl has increased by £1,004,836 10 £2,960.394, larg01y refflecling the operating k)sses for Ihe year. Cash balan￿ 8mounllng to £4.3BO,638 ai thé year-gnd refknt prudent cash management in previous periods. The School operated outside the covenan15 sel by the bank fDr.its loan facililles during this ptsriod Iwilh the agreerllenl of the bankl, recognising the temporary nature of comblned fiscal p￿SSUre0n bolh income and expendilute and high 5¢hool liquidity. Page 24 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OFTHE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 The School achieves Its liquldity objectives by the careful management of working capital and regular forecasting of short and long term cash requlrèmehls. The school's exposure to credit risk is mitigated by fees being due and collected at the beginning of each term. The operallng pgrfomiarice ol PG'S Promotions Llmited is set out in note 7. Reserves Policy The School's wnsolKlaled unreslri&gd funds slcx)d at £14,508.860 at the year-end {2021,- £76,662,974). After adjusting for designated funds, functional fixed assets for the Ghariiy's own tsse and borrowings against those as5els, the sGhool has free resèrv&s of £1.3m (2021.- £6. 1lm) {as defined by the Charity Commtssionl against a plannecl level of broadly equlvalent lo three months, operatin9 Costs N¥hKh equates to £S.OOm (2021." £4.54m). The Governors regular￿ review the resewes policy in the light of the future plans for the school, the projectgd budgets and cash flow forecasts. This ptslicy rellee15 the risks and ￿n￿rtainl19$ of opeFating as an independont education81 esl8bllshmenl and the significant On￿oing demands ol the school lo maintain up lo dale f8c(lilles and invest for l)olh the present and tho future. In addilion the policy also recognises Ihe specific ffinaneing structure of the school wheie fulure gxtemal debt re-payments are required to be funded from operational cash fiows and Ihp school is required la operate wlhin ils banking covei)8nls on existing debt. In light of these considerations, the Govemor5 b8ligve the currbnl level of F￿e Reserves to be 8pproprh*e lo the need5 of the school al Ihp present time. !pvestmen* pcli-j 2YAd able.. . Investec Woallh and Investmonl Ltd ronlinue lo be the school's investment *viser5 and the delegated authority given lo thern to actNvilhin a framework $91 by the Goveming Body t)a$ been ￿vIeW￿ during the year remains appropriate in the current economic climate. Followlng admce recetved from Inveslec on the managoment of Charitab19 Funds the School has opened a 'Di5orelionary Aucounl, in which eight previous funds have been consolidated for the purposes ol administralNe ease and simplicity of investment manag8menl. This consolidaled fund with 8 market value of £2.3m represen15 Ill the order of 10¥0 of the School's net assets and is operated within the framework detailed below: The overall objBclwes are lo creatè suffici&nl In¢ome and capilal growth to enable the school.lo cary out 115 purpases Consistently year by y8ar with duè and proper considerat￿n for luture needs, and the mainl6nanGe Drenhancgmenl ofihe value ofthe Invested funds. These objectives Rre to be achieved by investing prudently in a broad rangg of quoted fixed interest securit￿, eqUil￿S and collective vehicles which ar? approprialfyly authorised and compiianl with current legislation. The investment portfolio Is allocated between various 835el classes sel out below. and performance benchmarked against comparative indlces appropriate to the.following drfferenl asset clas585, performance of whi(th is measured against the ind1￿8 shown in brackets.. 10_ 300A high quality frxed interest securities (FfsE Govemment All.Stocks Index)., 30- 52Yo UK equities (FTSE All Share Indgxl.. bl 15_ 35Qfi Overseas Equities (FTSE Wodd lex-UKI Indek £1,. dl O_ 120A C.Dmmercial property Ilnveslmenl P￿pertY Databank monthly Index)-, Page25 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 Investment policy and objéctives (continugd) 2.5_ 100A.Infraslru¢ture altemalwes (Bank of Englahd ba8e raia+2%}', o_ 150h Cash (Bank. of"Engiand base rale-0.5¥ol. 3. There will be no investment in unquoted securities or in direcl-derNatNes,'and Ihe maximum 4uity exposuie 1$ 754k of the value oflhe portfolio. 4. The Governors reservg the right lo exclude cornpanYès.Ihal carry out activities contrary lo their airns OT from holding partiCU￿r inveslmenls wh￿￿ could darnage the Schcx)I's repulalion. Tha Governors eweGI the lund manager lo have consideTed the sLA￿abIlity ol investments of the same kind as any particular investment proposeAI lo be madeor retained. The investment m8r)ggers may exerrise voting rights on behalf of the trust￿ taking into account Ihe general n8ture ol thg investment porfdio of the Scho(Jl. Investment decisions should be basecS upon lon9-temi con$deralions 2nd Ihe Govemotswill a8se88 t'he perfotmance of Ihe invgsiment advisors on Ihe basis Ot the lotsl return including both C8Pilal growth and inGome. The investment managers should lake Into account the genera] na￿r6 of the school and not knowingly make Investments Ihat may compromise die position of the school, 115 reputaliun or chorilablé c*)lectiV85. Invèstmènt PerfoTmanGa Inveglment P8rfomiance has been unsa115faclory in what ha5 been a further year of natlonal financi81 unc8rtainty. investment fund experiencal a de¢￿se of 11.3Ukn over the year. Charlty Funds A description of Ihe various fund5 and Ihe restrictions on thelr use 15 set out al note 2hl on page 39. Future Plans The Governors Teview the School Strategic Plan annualty and this report covers the perK)d of the Slralegic Plan for 202(k2025 which together with an associated Operational Plan, underpins all the sd)ool's activity. Qur Governors and S18ft are fulty committed to maintaining the momenlum of the school's development ID onsure that we continue to provide young peeple ￿th an outstanding eduGalional gxpgri8nce: RISK MANAGEMENT Day to dey managemenl of r18k is undortaken by the s¢hool'5 9enior Managwnanl. Team (SMT). which meets formally twlce a wook. The SMT consisls of the Head, the Head of the Junic>r School, the Bursar, tour Deputy Heads. and three A5515tant. Head5. Additional slaff are co.opted as necessary for swiftG matters. The Goveming Body undertakesa formal remew olthe school's Risk Management arrangemenb al least once every year and the Audit and Risk Committèe provides focus to Ihis important area. This ¢ommrtt hag specifically targeted the top risks of the oiganisation giving direction not tsnly on the importanl.aspects of risk rniligollDn but also the opportunities that certain types of risk might pregent. THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 RISK MANAGEMENT (continued) The top risks identified by 1ho Audr( and Ri8k Committee also featurB as standing agenda ftems in the agendas of termly Governing Committee meellngs, During the year these top risks and Ihebr conslituenl elements as KlentifKI below have b￿n discussed in detail and Ihp thr&alS and opportunities ass.oLiated them have been allccÈled to specif￿ committees and rnonilorod for aCt￿n as necessary. Th9 key rtsks idenllfied and albcaled 16 committee5 for discussion and where appropriate miligalion are as detailed below. The ¢ommrttees have.a slandlng agenda item lo di5CUSs the components mak¢ng up the key nsk.areas. Education Committeè Malnlaining academic reputalior¢ and performance Re￿ulling. developing and retaining high quality staff Educational risks resulting from the pandemic .Flnanceand General Purposes Committee Affordabilty,'financial 5uslainabilty and pupil r¢cruitment Financial ri5k5 resulting from the pandemic Charitable status and moTal justification of Independent education GDPR and Cyber securfly data breaches Audit and Risk Committ8e Ex¢ellenl welfare, health and safely Health and safdy issue5 iesulling from th9 pandemic Suc4vessiDn plariniiig for gG46Fnall￿a and Si Suslainabilily rgview and oompliance Safesuardiiig Cori1￿lttee Inappropriate. employee relalionship wf(h a pupil MajDr incident (serious accident such as fatality Dn a sch¢iol trip Pupils, mèntal health (serious incident such as self~harml PROVISION OF INFORMATION TO AUDITORS Each of the person&who arg directors at the lime whon this Directors, report is approved has confimied that-. sofara$ Ihbt director iBaware, there is no Televant.audit information of whi¢hthe Company's atxliloFS are unaware, and that director has taken all the steps that ought to have been taken a5 a director in orderto be aware of any information needed by the Company's audllors In connection with p.reparing Ibeir report ond lo establish that the Company's auditors are awar8 oflhat infomiatlon. Page27 THE PORTSMOUTH GRAMMAR SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 AUDETORS In accordance wifh Soctlon 485 of Ihe Cfxnpanias Act 20(￿, a resolution proposing the reapwintrn* of CrTrwe U.K. LLP as auditors of the company will be pul to the Annual General M091ing, Thi5 Report of the Direcl¢Ks, prepar&1 under the Charitie5 Act 2011 and th8 Compan1￿ Act 2006, was approved by IhÈ GovemiryJ Body on 9 December 2022 induding in its capacity as company director5 approving the strateg￿ RgPLYL eontained therein, andlè signed as aulhorised on ils boh811 by.. WJB Fhairl Page 28 THE PORTSMOUTH GRAMMAR SCHOOL. STATEMENT OF DIRECTORS, RESPONSIBILITIES The Governors (whD are a150 directors of Th¢ Portsmouth G￿MMar School for Ihe purpgs&s of company law) are responsible for preparing the Report ofthe Dlre¢tors, SlralegiG Report and the financial statements in accordance with applicable law and United Kingdom Generally AcGepled Accounting practi￿ (Unlied lfjngdom Accounling.Standardsl. Company law requires the Govsmots to prepare financial ststements for eaGh financial year.. Under company law.tha Gtwernors musl not approve th& financial 51atemenls unless they are satisfied that they give 8 true and fair view of the stale of affair5 of the charit*le u)mpany and the gFOUP and of the inctsming resources and application of resources, including the inGome and èxpendllure. of the chartsble gwp for Ihal pgood. In preparing these financial slalernen15, the govemors are required lo.. selècisuitab'le acoounting policles and then apply them ¢onsistently,- observe the methods. and.prfnGlples in the Gharities SORP.. make judgments. and estimates that ¥re rè850nabk and prudent., slate whelher applicable UK accounliry standards have be9n followed, subject lo any materfal departures disclosed and explained In the financlal statements; and prepare tho frnancial $tatements"on the goin9 concem basis unless 11 is inappropriate lo presume that the charilable company wlll continue Ih business. The governors are ffjsponsible for keeping adequate accounting record5 th* are sufficient lo show and explain the charitable company's transaGlions. disclose wlh re88on8ble accuracy at any lime the financial PO811ion of the charitable CDmpany and enab￿ them lo ensu￿ that the financi81 slslemenls c(¥nply with the Companies Act 2006 and the provi510ns of the GhaTiLy's constilullon. They are also responsible for safeguarding Ihe assets of the charity and the group and for taking r￿onable stepg for the prevention and detection of fraud and other irregul8rf(ie3. Page 28 Cr¢M• U.K LLP Crowe 4fv51 Stre81 ReathtvJ Be¢uhire RG1 1PL. UK Tel W101118 959 7222 Fax +44101118958 464Q INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PORTSMOUTH GRAMMAR SCHOOL Oplnion We have audited the ffinanC￿l statrnrts of The POrtSff￿lbth Grammar School for the year ended 31 August 2022 wh￿h comprise the Consolidaled State￿￿￿t of Financial Aclivilies, the Consolidated Summary Inccmne and Expenditure Account. the Consolidated and Company Balance Sheets, the Consolidated C3$h Flow Slalement and the related notes. The financial reporting framework that has be8n applied in their preparation is applicable law an(1 Unrted Kingdom AccounliThJ Standards, including Financial Reporting Standard 102 The Financial Reporting Standard appluble n the UK and Republic of Ireland Iunitetj Kingdom Generdly Accepted Accounti￿ Pr¥tical. In our opinion the financial Stat*r￿ts.. gwe a true and fair view of the stale of the group's and the charrtable company's affaiTS as at 31 Augusl 2022 and of the group's incoming resources and application of resources lor the year then ended: have been PrOp￿￿Y ptepared in with United Kiftg￿ Genernlty Accepted Accounh'ng PractKe', arKI have l)een wepared in accordance wth the roquiremenls of the Companies Act 2006. BaBi$ for oplnlon We conducted audrt in ￿cOrdan￿ with InlematK)nal Standards on Auditing IUKI IISAS IUKI} and applicable kn¥. Our responsibilitk* under thosg standards are further described in the Auditols sponsibilit*s for the audil of the financial stat￿)entS section of our report. We are independent of I gft)up in accordance with the ethical requiremen15 that are relevant lo our auclit of the financial statements in the UK, Including the FRC'S Ethical Standard, and we have fvifilled our olhei ethical responsibilrtie8 accordance with these ￿quireMents. We believe that the audrt evidence we have obtained ts sufficwt and appropriate lo provide a basis for our ¢¢4nion. Contluslons rnl•tlng to going concem We have nothing lo report in respect of the foll￿￿*ng malters in relation lo which Ihe ISAS (UK) require us lo report lo you were.. The Governors. use of the g￿n9 concwn basis cl accountiTrJ in the preparation of the financtal stalem¢nts is nd appropriate," or The Govemor8 have not disclosed in the financial ststements any identified m81erial uncertairbl￿s that may cast significant doubl about the group's or the Charrtable Company s ability lo continue to adopt Ihe going concern basis ol accounting for a pert91 7,102,339 Transfer between funds NET MOVEMENT IN FUNDS 12,Iy,1141 386,756 145,230) 1122,6511 11,955,139 1,102,339 Furd b￿aTr￿S al l Seplerrber 2a21 16 662 974 1.212 B66 269 724 ￿￿QLL79 23 6 Fund balan¢￿ at31 A￿911$1 2022 The notes Dn p89e5 37 to 57 form part of-these'financial slalemenls Page 33 ## **COMPANY NUMB.ER: 03401010 THE PORTSMOUTH GRAMMAR SCHOOL CONSOLIDATED BALANCE SHEET** ## **31 AUGUST 2022** ||Notes||**2022**|_2021_| |---|---|---|---|---| ||||**£**|£| |FIXED ASSETS||||| |Tangible assets|11||**22,370,270**|_22,746,211_| |Investments|12a||**2,340,046**|_2,638,731_| |Investment property|12b||**750,000**|_750 000_| ||||**25,460,316**|_26,134,942_| |CURRENT ASSETS||||| |Stock||**99,893**||_111,571_| |Debtors|14|**980,846**||_890,546_| |Cash at bank and in hand|13|**4,380,638**||_8 700 572_| |||**5,461,377**||_9,702,689_| |**CREDITORS:**Amounts falling due
within one year|15|**(3,145,405)**||_(3,209,043)_| |NET CURRENT ASSETS|||**2,315,972**|_6 493 646_| |TOTAL ASSETS LESS CURRENT||||| |LIABILITES|||**27,776,288**|_32,628,588_| |**CREDITORS:**Amounts falling due in||||| |more than one year|16.||**{6,054,384)**|_(8,981,445)_| |TOTAL NET ASSETS|||**£2:1,Z:I11904**|_f.__21,M.l,W_| |FUNDS||||| |Permanent Endowment funds|**21a**||**5,378,928**|_5,501,579_| |Expendable Endowment fund|**21b**||**224,494**|_269,724_| |Restricted funds|**19**||**1,599,622**|_1,212,866_| |Unrestricted funds - General|**20**||**14,508,860**|_16 662 974_| |TOTAL FUNDS|**22**||**£2:11Z:I '.I ,904**|£_23_6.1.Z. 1.43_| The deficit for the year In relation to the School only was £1,791,280 _(2021: £854,250 surplus)._ The financial statements were approved and authorised for issue by the Board on 9 December 2022. The notes on pages **37** to **57** form part of these financial statements Page 34 ## **COMPANY NUMBER: 03401010 THE PORTSMOUTH GRAMMAR SCHOOL COMPANY BALANCE SHEET** ## **31 AUGUST 2022** ||Notes|**2022**|_2021_| |---|---|---|---| |||£|£| |**FIXED ASSETS**|||| |Tangible assets|11|**18,742,749**|_19, 118,031_| |Investments
Investment property|12a
12b|**2,340,048**
**750,000**|_2,638,733_
_750 000_| |||**21,832,797**|_22,506,764_| |**CURRENT ASSETS**|||| |**Stock**||**14,865**|_16,506_| |Debtors|14|**1,266,879**|_1, 190,214_| |Cash at bank and in hand|13|**4,112,784**|_8 481 242_| |||**5,394,528**|_9,687,962_| |CREDITORS: Amounts falling due within|||| |one year|15|**(4,324,629)**|_(4,583,689)_| |NET CURRENT ASSETS||**1,069,899**|5_104 273_| |**TOT AL ASSETS LESS CURRENT**|||| |**LIABILITIES**||**22,902,696**|_27,611,037_| |CREDITORS: Amounts due in more than|||| |one year|16|**(6,064,384)**|_(8,981,445)_| |**TOTAL NET ASSETS**||**£16,838,312**|.��| |**FUNDS**|||| |Permanent endowment fund|21a|**750,000**|_750,000_| |Restricted funds
Unrestricted funds� General|19
20|**1,599,622**
**14,488,690**|_1,212,866_
_16,666,726_| |**TOTAL FUNDS**|22|£16,838,312|_s.1B,J!29,_**592**| The financial statements were approved and authorised for issue by the Board on 9 December 2022. w CH The notes on pages 37 to 57 form part of these financial statements Page 35 THE PQRTSMOUTH GRAMMAR SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flows from operatlng activities Net movgmenl in'funds per SOFA Depreciation Loss'on digposal of fixed assets Inveslment Income Interest p8id Lossllgain) on investments Decreasellincreasel In slod( Ilncreaselldecrea5e in debtors (Decreasellincrease credi(ors 11,935,239} 920.851 1, 102,339 934,965 17,578 f55,761) 130.905 (380,291? 28,378 181.5441 137069 279,963 11,678 190,3001 264 394 Ca¥h provlded by operatin9 ACtivitÉes {503.601) 1.732 142 Cash flows from IDvestlng activities Payments to acquire langlble fixecl assets Payments lo aoquire r￿ed asset investments Payments lo acquire ftxed ass81 investment property Pro￿ed$ on disposal of fixed asset investments Interest paid Investrnent income {544,905) {312,969) (622.674) (335,960) (750,OQOJ 346,803 {730,905J 412,964 1137,869) Cash used in investlng actlvltios 1501,2351 (1.436,975). Cash flows from financing activities Bank ban5 repaid New bank bat) 13.ODO,592) (672, 771) Cash used In financlng actlvfties Advanc9 fees schém• Payments on account ulilised R&eipts from ngw ronlracts 18 11,306,3691 (1,090,129) 1073 136 1466 116 Cash {used inl I provided by advance fees 375 987 IDe¢reaseyincrease In cash and cash equivalents in thB year Cash and cash equNalents at the beyinning of the year 23 4,238,681) 2,498,383 Total Gash and cash equivalents at the end ofthe year Analysis of cash and cash equivalent5'. Cash at bank and In hand Cash held with inveslmehÉmanager 13 4,380,638 8, TGQ,572 97 $17 aL244 The notes on pages 37 to 57 form part of thes6 financial statements Page 36 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 CHARITY INFORMAlloN The school principalty provides educalTon in Portymoulh and the surfoundlng areas lo boys and girls tr(m 2 years 6"months 10 18 years old. The Incorporated rharily l¢harily number 1C63732, c(mpany number 3401010). ks domicllod in Ihe UK. The address o* the registered office 15 The Port8moulh Grammar School, High Slrgol, PortsfThJulh, Hampshirg, P012LN. ACCOUNllNG POLICIES a) Basis of Preparation Thefinancial stalernents present the consolidjted Stslerrientoffinanclal aclivrtles (SOFA) and the charty and ¢x)nsolidated balance sheets compriging the consolidation of the School, its wholty owned gubsidiary PGS Promolltjns Limited, the Endowment Trust and theArthur Darby Nock Trust. The linancial slalernonls.have been pTrp8red in accordan￿ with Accounting and Reportlng by CharilEs'. Slalemenl of Recommended Practtce applicable to charities preparing their accounts in accordance wflh the Financial Reporting SL9ndard applicabSo in Ihe UK and Republlc of Ireland {FRS 1021 leffectlve 1 January 20151- Chariligs SORP IFRS 102}, the Financial Reporting Standard appficable in the UK and Republ￿ of Irdand {FRS 102) and the Compani8s Act 2006. Tha Portstllouth Grammar School meels the delinilKJri of a public benerrt entity under FRS 102. A5sels and liabililios are initially recognised al historical cost or Iransaction value unless otherwise staled in the relevant accounting policy nolels}. No separate SOFA or Income ExpendiluTe Account have bfjen presented lor the School alone as pèrmitted by section 408 of the Companies AGt 2006. Golng concorn Al the lime of approval o* the Annual Report, the financial environment in which Ihe School operales 15 5ignilicanlly impacted by cost and wage ihfi811ott and higher interest rates than expertenced in the recent past. Whilst Ihe long term impacl on the. School. in common with other businesse5, is uncertain, the Govemors have reviewed the position Careful￿ with a VEW lo ensuring the ongolng provlsion of schooling for the pupils a& wèll as employment of sl8ff. The School currendy holds suff￿lent and appropriate cash balance58upplenEnled, ifneeded, an overdrafl faGilty. Given the current ¢ir¢umslances the pupil numbers for current academic year 2022r23 have Temained relatively stsble. Conseryalive cash flow modelling th sen5Ltivily anatysis indtcates that the cash reserves of the charty ar8 adsquale lo rn8el the charitls obllgations as they f851 due. Accordingly, the Governors believe the School's rinancial resources are sufficient to 8nsure th& School will continue as a going concern for the foreyeeable future, being al least 12 months Irom the dal@ of approv£1 of the financial statements and have therefore prepared the financial stalemen15 on 8 90ing con￿rn ba￿$. b) Income Fees receivable and similar income Fees re￿1VebIe and other inroming resources arg accourrted for on a receivab'le basis. Fees recelvable are $18ted after deducting allowances, scholarship5 and other remissions granted by the school, but include contributions re￿Ved from restricted fund5 for sChO￿￿h1ps, bursariès and other gTants. Ancilla tRdin ineome Ancillary tr8ding income is included in the s18lement of financial aclivilias whon the charilabla company is legalty entitiedto the income. receipt Is probable and the amount can be quantified wf(h reasonable accuracy. nations Oonalions and"legaGEs are credited to revenLte on a rEceiv8ble basis. No amounts aré inchjded in the financial statements for serv￿e$ donated by volunteer8. Page 37 THE PORTSMOUTH GRAMIiIAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Icontinuadl Govélnment Grants Gpnls are accounted for under the performanrA rnodel as permitted by the 'Charity SORP. GJRS grant intome is Iherelore recognised on a 51raight line basis Dver the furlough pgnod for each relevant employee. c) Resources expendod Resources expended are accounted for on an accruals basis. Certaln ex￿ndIt(lIE 15 appcirtioned lo cost categories based on the estimated amount attribulablg lo that aetivty in the yeaT. The i￿eCover3b1e element of VAT is included with the rtem of expense to wh￿h relates. Gtsvemance costs ￿MprIse the cost of running the charity, including external audit, Governors I￿al advi￿ and constitutional and stalulory compliance costs. R￿Und￿nCY and lerminaliDn payments are induded within the accounts on an accfuals basis, in line with expenditure and measured al the b2sl esllmat6 of the expenditure required to sellle the obligation at the ￿porting dale. dl Investments Llsled investments are valued al their market value al the baL7nce sh8el dale from the .appropriale Stock Exchange or from the ￿levant fund manager. Dividends, other investment income and interest are accounted for on 8 receivable basis. Investment gains and105ses are recogni$￿￿ in the Statement of Financlal Activ.illes in the peri¢d in whTch they arue. In Drder lo oplimise future investment porformance. th"É Trustees have adopted a pollcy of inve81menl Pooling with affect from 26 Aprtl 2018. Th8 inveslmenl pooling arrangement includes the School, together with The PGS EndowmentTrust and Arthur Darby Nock Trust. Unlisted investments are carried 8t historic cost. el Inveslmont Properties Inveslmenlproperty is carried atfairvalue dgtermined annually by gxtemal valuers anrl derNed from the current market rents and investment proporty yields for comparable re81 estsle, adJU￿ed rf necessary for any difference in the nature, location pr condilion of the 8pecthc asset. No depreciation 18 provSded. Changes in fair value are recognised in the Slat&menl of Financlal Aclivilies. Where investment propertles are held to be sold, Ihe"assels a're reclassified as being current assgts and included inthe Balance Sheet at thelr open inarketvalues. Tangiblè fixed assets Expendf(ure on improvemènts and modernisalion.whi¢h onhance5 the long-lerm capability of the School 18 Gapitalised and deprectaled in line with the policy for freehold buildings. Expendituio on repairs and general maintenance Incurred Dn a regular basis is charged to the slalemonl of finandal activities on the accruals basis. Page 38 THE PORTSMOUTH GRAMMARSCHOOL NOTES TO THE FINANCIAL STATEPIIENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Icontinuedl gl Depreciation DepreclatDn Is provtded.Dn t3￿1ble fixed asset5 to wri18 off Ihwr GOSL less eslimaled residual value. over their estimated useful economic lffe, by instalments, as follows.. Fr8ehold buildin9$ Library Improvements Furnitur< fillings and equlpment Motor vehldes CompuleT equlpmenl Gym Equipment 20/0 per annum,on wst l(Y/ts per annum on cost 20Vtr per annum, reducing balance 20.kn per annum, reducing balanc¢ 33% per annum on c05t 330A per annuin ttn ¢ost IndNidLHi items eosling less than £500 are wrillen off as an eXpen8e on.acqui511K>n.. h) Fund accountlng Unreslrided funds Unrestricted funds relate lo tho.School's general operational ftjnds. Reslricted funds Reslricled fund5 are those which must be applted.in accordance with Ihe p￿￿Ose spècified by the donor. Expenditure reLqling to Iheye PUTposes is charged dir8¢lly lo the fund. Peimanenl Endowment FuiKIs Endowed funds con51sI of investments and part of the freehold land and buildlngs used by The POrtS￿ulh Grammar School. The purtx)5e lo whkh Ihe Investments rr)ay be applied is restricted in aCcO￿an￿e wllh the term5 of The Porlsmouih Grammar School Endowment Trust. The fund aso includas a piopty endowment fund consisting ot an investment property held by Ihe school. The Tental in¢(xne geneTated will fund.the Wilkiescholarship in restricted funds. Expendable Endowment Fuiid The expendable endowment fund relates lo th9 Arthur Darby Nock Trust, a linked charify. In 8ccordance wbth the instrucb'ons of the Charity Commi55ion. the assets, liabililios and Irangaclions of the Twsl r￿ain separalely identrfiable wlhin Ihe con501idated accounts, being maintained in an Expendable Endowment Fundwithin the SOFA and shown onlhe face of thg Balance. Sheet. il Pension sehemes The School contributes lo Iha Teachers, Pension Dgfined Benefrts Scheme 31 rates set out by the Scheme AEtuary and advised lo the Board by Ihe S¢hem6 Administrator. The $¢heiiie is a mukn'*mployer pension 5chem8 and il is not Possible lo idenlty the assets and liab51ilies of the 5cherrE whKh' are attribLrtable to the School. In accordance with FRS102 Iherelofé, the is accounted for as a defined contribution scheme. The School also operate5 defined contribution schemes for non-tsaching staff, including an auto enrDlmènt arrangemenL Contributions to the scherne5 are Gharged in the SOFA as they become payable. in accordance with th2 rules.of the sGh"emes. Ji stocks Stocks 8re staled at the kwerof cost and nel reallsable value. Page 39 THE PORTSMQUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES l¢ontlnuedl k) Leased Assets- L¢ssee and L&SSOT Operating lease expenseslrenlal income are chargedlcrediled lo lh9 Statement of financial acbviti8s.on a straight-line basis overlhe relevant lease term. 11. Financial instruments Basic ffnancial instruments include debtor5 and creditors. Debtors and Grgditors are inliially recognised al transaction value and $ub5equenlty measured al amortised cosl Note 28 provides more InforDiation on finandal Instruments where future cash flows are gnlicipat8d, with financial ass¢ls referring to fixed asset investments and debtor balances excluding prepayrnen15 and deferred expenditure. and financial liabillts.es refening lo all creditor baknces excluding advanc8 fees, depoglls In advanceand other taxe8 and social securtiy. ml Cash and cash equivalents Gash is represented by ca5h.in hand and d&posits vith financial inslilulions ropayable without p&naty on notice of not more Ihon 24 hours. Cash equivalents are highly liquid inv&stm8nls that Mature In no more than three months from the date of acquisition and that are reaLIi convertible lo known amounts of cash with insignificant risk of Ghange in value. n) Oeferrèd Income (Advance fee$) Amtsunts ￿e1Ved under the school's Advance Fee S¢heme conlr8cts for educdlDn not utilised to settle school fees are recorded as deferred income and alltxaled as current li8billlies where the education wi15 be provided within 12 months fiom the r9POrting dale as long-lem liabilities where thè educatKJn will be prOV￿d in subsequent years. o) Parents, deposlts The Govemor5 have reviewed the contract terms underwhich Pupil fee deposits are held by the School. Although under nDrmal circumstances Ihese *iill be rep8ld over futltre years when the pupib complete their education al the school, pupils can108ve 81 earller dates. The School d￿5 not therefore have an uncondibjnal right to relain the indlvldual deposits for at l&ast 12 month5 afier the balance sheet dale and, in line with the roquiremenls in FRS 102. th8 balan￿ of the deposits held at 31 August 2tr22 have.been included within Cufrenl liabilities. p) Bad debt provisions When the school inslrucls Fawyers to assist in the recovery of a parent debi, a full provision will be made. All other ongoing dobls are indivKtually considered and either a full or partlal prDvislon may be made as deemed .appropriale by the Bursar., on the part￿Ular circumstances COn￿med, lo ensure that an appropriate level of provision is maintained. JUDGEMENTS IN APPLYING ACCOUNTING POUCIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the ¢h8rills accounllng policies, whi¢h" are described in note 2, Trustees are rquired to makejudgem8nls, eslimales and assumptions about the Carrying values ol assets and liabililies that arg not readily apparent from other sources. Thè eslimales and underlying assumptions are based on hisloiKal experien¢e and other facto￿ that are considered to be relevant. Actual results may differ from thes9 eslimales. Page40 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 JUDGEMENTS INAPPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY l¢ont5nued) T.ha estimates and uThJerlying assumptions are reviewed on an on-going basls. Revisions to accounting eslirnaes aye recognised in the period in which Ivte estimate 15 ffvL8ed if the revision affects only that period or in the pertod of the revision and fuiurÈ periods if the r9vk4lon affects Ihe current a￿{ future periods. In the opinion of the GL)vernors the m051 slgnKicanl accounting eslimate s in relation to Ihe provision for non-colleclion of parental dèbt. SCHOOL FEES RECEIVABLE 2022 2021 School tg&s receivable consistof:. Gross fees Less: 19.828,941 19,463,525 Foundation bursaries Scholarships. prizes, discounts and allowances 12,034,4141 (1,427,258) 961221 1 173 419 The above educatti)nal awards were made lo 525 individuals <2021.. 460). Gross feesere shown net oFlhe standard 3% directdebi( discountwhich 15 taken up by the maioTIty of paonls. ANCILLARY TRADING INCOME 2022 Lunches Sch(K)I Irips Registration feks Fee protection insurance 443,904 188,174 23,630 19,964 251,623 18, 150 19.960 Sale of goods Other ancillary br￿ornè 17,761 6.476 INVESTMENT INCOME 2022 2021 Rerstsl inctsme Divldend income Bank interest 30,365 7,896 4kt,772 Page 41 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 TRADING SUBSIDIARY 2022 2021 PGS PROkQOTIoNS UMITED Turnover Cost of Sales 190.200 171,875. Gr055 p.rofit Adminislralive expenses 74,624 62,684 Net profltlllossl Rotained earnings.al thè beginning of the year Profil I Ilossl lor the year Gfft aid donallon (3,754) 23,922 (23,936) 20. 182 Retsined earnings at the end of th8 year PGS Promotions Li￿lled had n9t assets totdling £20,17012021.' £3,. 752 net ligbilities) at the year- Aggrégate non-charitable trading income of £49,758 (2021.. £49,692J and expenditure of £5,082 (2021.. £5.033) was eliminated on consL31idalion. TOTAL RESOURCES EXPENDED Staff costs Oepreclalion Other 2022 2021 ¢harltable acttvltles Teaehlng Costs Welfare costs Premises costs Support cosls 10,462,8S6 673,759 712,24B 422,822 1,297,645 I2,183,￿60 627,385 1,301,144 2,049,237 3,258.854 1 162 824. 2 618468 11,942,541 840,089 2,472,519 142 497,369 School's 0￿rating costs 13 304 724 ￿￿91. 361.829 17 503 2gi Raislng Funds Financing costs Fund-ralsing ¢o.sts 258,447 268,447 234,975 162 181 297 7dO TOTAL FOR SCHOOL 13466 g05 19 821750 17978.110 Subsldlaty trading and finance e051s Endowment fund The Arthur Darby Nodf Trust 23,810 860 136,726 9,171 161,196 9.171 146, 617 TOTAL FOR GROUP 920 Included in support costs governan￿ costs of £28,800 f2021.. £28,000). Page 42 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 TOTAL RESOURCES EXPENDED Icontinugdl 2022 2021 Total staff costs comprised,.. Wage5 and salaries Soctal security costs Pansion Gontribution5 Other 10,500,92B 1,028,998 1,744275 216 10.276,850 937,695 1, 736,254 Included within the wages figure above is £514,959 (2021.. £374,745) In ￿latIon lo the School's catering ¢onlracl. Also included wlhln Ihewagesflgure above are sevgrance payments of£31,206 (2021.. £86,852). The average number of employees in the period wa5 326 bToken down as follows.. 2022 Averagè number of teaching Statr. Full Tine Part Timè 113 63 113 Total 176 178 Averagè nurn￿r ofsupport staff Full Twne Part Time 70 Total Total 811 staff The number of. employeès whpse emoluments exteed8d £60,000 weTe: 2022 2021 £60,000- £70,000 £70,QUO- £80,QiOO £8D,000- £90,DJO £100,000- £110,000 £130,000-£140,000 £150,000- £160,000 In connedion with Ihese higher pald employees, retirement b8nefil$ are accruing under money purchase schemes for 2 {2021.' 3) and und8r muKkÈmptoyer dgfined benefit schemes for 11 empk)yees12021.' 12). Thetolal gmpbyerconlribulDns in the yearlothe schemes weTe.£207,057 {2021 £278,018J. Key managgmenl personnel comprise the Governors and Senlor Management Team listed on page 2, Key management personnel re￿iVed aggregate remuneratron {induding employers Nl employers Pension) of £1,311,132 (2027. £1, 133.437). None of the Governor8 or any p&fsons connected wilh them have re¢ewed any remunerntion in the year. FourtNslee$ were reimbursed expenses during the year tolslling £1,256 {2021.' £35). Page 43 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 NET INCOME 2022 2021 Net Income is stated after charging: Auditors, remuneratlon - Audit- School - Audit- Subsidiary - other servios - Corporatron lax compliance. 22,400 5,350 1,050 850 21,800 5,200 1,000 850 Qperaling ￿aSe$ 08preciatDn 76,256 85,47g 10. FINANCING COSTS 2022 202¥ Bank loan and ovetrlraft interest Bank ch8rge8 Bad debts Other financing Costs 137,869 12,194 71.079 130.905 9,841 53,615 Page 44 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 11. TANGIBLE FIXED ASSETS Flxtures, fittinss, ¢ompLrter 8quipm*nt & plant Freehold land and bulldlng¥ PADtor hiclés GROUP Total COST Al 1 September 2021 27,136,765 Additions 174.212 DispDsals 6,017,105 370,693 65,012 33,218,882 544,905 At 31 August 202 27 310977 33 763 787 DEPRECIATION At 1 September 2021 Char9e for the year Dispcx8als 5,719,920 461,198 4,690,540 459,091 62.206 562 10.472,6fj6 920,851 At 31 August 2022 618111 11393517 NET BOOK VALUE Al 31 August2022 Al 31 August 2021 SCHOOL COST Al 1 September 2021 23.511,881 Additions 174,212 Disposals 5,993,330 370,693 29,558,998 544,905 Al.31 Augu312022 23 686 093 6 3B4 023 30 103 903 DEPRECIATION Al 1 September 2021 Charge for the year Disposals 5,719,922 461,196 4,668,181 458,806 52,864 185 10.440,967 920,1a7 AI 31 AEuusI 2022 61B1 118 5 126 987 11361 1 NET BOOK VALUE At 31 August 2022 At31 Augus1202t Page 45 THE PORTSMOUTH GRAMMARSCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 12a. FIXED ASSET INVES7MENTS GROUP 2022 UK Listed investinenls At 1 S¢plèmber 2021 Additions Oisposals Investment gainsl{lossesl 2,622,487 312,969 1412,9641 2,253,03 335.960 [346,￿3} Market value of investrnenls Cash held for investment 2,242,529 2, 622,487 Total investment at 31 Augu$t2022 Historical Cost SCHOOL Listed 2022 Unlisted 2022 Total 2022 Tolel Al 1 September 2021 Additions Disposals Inve5tsnent g¥insl{losses) 2,622,487 312,969 (412.964) 2,622,489 312,969 1412,964) (346,803) 2,253,041 Thljarkel value of investments 2 242 529 2 622 489 Cash hgld for investment 97517 At 31 August2022 Historical cost The School omms 1 OOYD of.the ordinary share capital and voting rights of PGS Promotion8 Limlted, whose principal aclmty is lo operate the School's sports centre, transport and unrform shop. T.h8 company's regi51eTed office Is.. The Portsmouth Graniniar School, High Street, Old Porlsmoulh, Hampshlre, P012LN. The results of the subsldlary are included in these wn501idaled accounts on a line-by-line basis, a$ required by thg Charities SORP. 12b. FIXED ASSET INVESTMENT PROPERTY GROUPAND SCHOOL 2022 Al 1 September 2021 Additions 760.OOLI Market Value at 31 August 2022 Historical Cost Page 46 THE PORTSlllOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 CASH AND CASH EQUIVALENTS Group School 2022 2021 2022 2021 Cash al bank and in hapd 8 7(kg.572 4 112784 8481242 14. DEBTORS Group School 2022 2021 2022 2021 Trade and parental debt Amc*unts due from 9roup undedakings Prepaymenls and other debtors Deferrod expendilure 388.585 336, 141 388,585 253,524 290.860 387.641 494,044 495, 197 489,227 489,841 CREDITORS: AmoL*nls falling du6 withln one year Group School 2022 2022 2021 Bank loan Inote 17} Trade crwlilors Amounts owed lo group undertakings Deposits in advanco Other ¢redilors Accruals Deferfed Inc¥)me (note 18) Oth&r laxss and social seGuriiy 409.724 435,231 584,822 500,858 409.724 391,552 584.822 1,228,540 203.878 269.926 614.576 964,441 7,396,421 123, 751 188,591 447.426 1, 106, 107 203,878 269,925 618.353 964.441 123, 781 468.088 1, 106.107 243 853 241993 16. CREDrroRS: knounts falllng due atsr more than one year Group School 2022 2021 2022 2021 Bank loans Inote 171 Dèferred incom8 Inote 181 5,156.444 T.g80.938 100ts￿7 5,155.444 908 940 7,980,938 Page 47 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 BANK LOANS- GROUP AND SCHOOL The bank loan5 are repayable as follows'.- 2022 2021 Wjthin one year BebNefyn one and two ygars Bethieen two and fwe years Over five years 584,822 918,594 2.765,074 416,279 1,290,136 3 449 029 The school has the following loans.. A bank loan of £3.1 m was taken out in 2005 to finance development and construdion of the new theatre facility and the dining hall 51 the sch¢)ol. Thls is repayab￿ over fi'Re&n years by lemily instalments. On 29 January 2014 the balance 01 £1,854,934 was.changed lo a fixed rate of 2.56Vo. The balance oulslanding al the year*nd was £nil f2021.- £87,3TO). A bank loan of £4.8m was agreed during 2010 to ff nance.Ihp.construclion ofa new scien entre. The loarl is repayable over 25'years by ter￿lY inslalmenis. For the first 10 years of the loan arrangement £2.4m will bo paid at a fix¢d rate of S.03°k. In May 2020, the 10 year flxed agreement transferred lo a floating rate. The remaining £2.4m was repayable al 1.6Yo above the bank.base rate. Thls loan hos been transferred to a new loan in January 2(Y20 al a fixed rate of 2,65Q￿. The balance ou18t8ndlng at the end of the year on Ihese loan5 wa5 £2,744,193 {2021,- £3,024,295J. A bank loan of£3.8m wasagreed to financothe construction of the new Sixth fomi Cenlre. The loan 1$ ￿paYable over 25 years al a rale of 1.85¥0 above base. The school made a t31 dr8wing on the loan of £1,989,076 on 29 April 2014. The balan¢e oulstsnding at the year-end was £2,820,975 (2021.. £2,954,095), A bank k)an £2.5m was received under the Gorijna virus business interrupt￿n scheme. The loan 1$ repayable over 5 years al 8 rate of 1.45°k above baso. The school received tho loan of £2.5mn Into their current account on 1S July 2021. The balanca oulslanding al the year*nd was £nil (2021.. £2,500,000)- The above loan5 are.secured by first legal charges dated 2.9 February 2000 and 23 March 1999 in favour of Lloyds TSB Bank PIG over the freehold land 8nd buiklings at Portsmouth Grammar School, High Street, Pnrt5mouih and 8 Penny SlreoL Portsmouth respectively. Page48 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED.) FOR THE YEAR ENDED 31 AUGUST 2022 18. DEFERRED INCOME {ADVANCE FEES)_ GROUP AND SCHOOL Parents may enter inlo a contract lo pay lo the SGhwl up to the equlvalenl of sevon y6ors' luilion fees in advance. The money may be retumel ¥ublèCt to specillc conditions and on Ihg receipt of one lemi's notlce. Assuming pupiLg will remain ih Ihe school, a(Ivance fees will bg applied as fo51ows:. 2022 2021 Wrthin one year Within 110.2 yeatB Imlhin 210 S yea Over five years 964.441 352,11 463.895 1, 106, 107 510,273 137 470 The balance represents the accrued liabilty under the contracts. The movements during the year weTe".- Balance al 1 September 2021 New contracts 2,106.614 1073 136 f, 730.627 Amounts accrued to confracts Amounts utilised in payment of fees 10 the school 3.179.760 1306 369 8, 196, 743 1090 129 Ba5anGe at 31 August 2022 Page 49 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 1.9. RESTRICTED FUNDS GROUP AND SCHOOL Ati Sèptember 2021 Transfers between lunds At31 August 2022 Incoming Resources Rèsources expended Fund name William Smith Fund Geoff Foley Innovation and Cre81ivily Wilkig Scholarship Fund Other 1,128,999 381,892 1,510.391 14,860 16,2961 {24,333) 8.584 6,032 30.365 Total GROUPAND SCHOOL {2021 Comparat￿8) Ati Sopfember 2020 TrHnslers between funcls A131 August Incoming Res£ju￿e$ Resources expended Fund n8me William Smkh Fund Geoff Foley Innovation and Creatwily Ikie S¢holatship Fund Qth&r 732,240 396, 759 1,128,999 14,860 14,860 7,896 [7,896) Total Wllllam Smlth Fund Thi% fund w85 launched in July 2015 anrl exists prlmarily to provide funds for me8n5 lesled bursary support lo pupils. GBoff Folgy Innovatlon and Crèatlvity This lund wa5 Set up lo promote group work 2nd problem so"Iving outside of normal school work. and funds ah annual prvLe. W.Ilkle Scholarship Fund This fuDd was set.up to provkle 50% bursaries annually for two pupi15.enleTing Year 12 underthe Wilkie Scholar$hlp. Other other consists of Graduato Leader'Granl and remaining funds rais8d for the schoo18 In Camboctia. and Uganda and.Ihrough participation by staff and pupils in The Great Soulh Run and other dtsnalions. Page50. THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 UNRESTRICTED FUNDS GROUP At31 Augu$t 2022 Sep(smbèr 2021 Incomlng resource5 R8soufc9S expended Galn51 {105Sé51 franslèr betsveen fwids Fund nam& Genoral 16 662 974 17 42 Total L!_A 5Q8&fiQ SCHOOL Go￿ra1 16 666 726 .17 771 IX3 19840879 108 220 Total 21a. PERMANENT ENDOWMENT FUNDS GROUP At31 August 2D22 Sepfembpr 2021 Incoming resources Resources exp9nded Gainsl Transfer betwoén funds Fund name Inveslrront Property Fund 75Q,000 750,000 Trus1 4 7515Y9 4 828 928 SCHOOL Ir]vestrnenl Prcpery FLtnd ￿￿000 Total The Portsmouth Grammar SGhool Endowment Trust 15 a 5ub5idiary charity of the School and ils investm8nl inc(xne is passed directly lo the sGhool. The Inveslment Propety Fund 15 accounted for.as a PeThaneni Endowment unlll sueh tlme as the ge is lerminaled in accorda'n￿ with the agreement On reversion of Ihe lease, the School is able lo sdl Ihe propety and apply at)y or part of the capital and income of the Funds lo support the Wikle Scholarship Fund. Al thi8 poinl the Fund meets the definition of an Expendable Endowr￿rtl. Page 51 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 21b. EXPENDABLE ENDOWMENT FUNDS GROUP Afl September 2021 Fund liam• At31 AuuErst 2022 Incoming resources R9soiirc&s' expended Galnsl {10sse$) Trdn?frr botween lunds AD Nock 224 494 Total The Arthur Darby Nock Trusl is held as an expendable endowtnent to provide scholarships at T.he Portsmouth GTammar School. 22. ALLOGATION OF NET ASSETS BETWEEN FUNDS 2022 GROUP Curront assets Currgnt liabililies Fund namè Flxgd assots Investment$ Longtsrm liabllitles Total Pemianent endowrnent ReslriclBd Expendable endowmsnt Llnre¥tricted 3,624,864 750,OCM) 1,067,114 1.599,622 163.0701 5,378,928 1.599,622 3￿2,483 18745388 1137.9891 2 340 046 224,494 14 S08 860 TolHI SGHOOL PermRnenl endowrnent Restricted Unr85trrled 750,000 750,000 1￿99,622 1.4 48B 69 1,599,822 4 324 629 Total 2021 GROUP Cunpnt assets Fund nam& .Fixed assets Lojw lerffl liabililios Investmei?Is liats7ilres Permaneni endowment Resfric18d Expendable endokWn￿t ilnreslncled 5,624.884 .750,￿0 1,217.590 1,212,866 (84,895) 5,501,579 1.272.866 407,393 (151,669) 19.12t 327 269, 724 16 66> g74 8 981445 Tolal SCHOOL Perfflansnt endowment RestftT¢led Unrèslrkled 750,000 750.000 1,212,866 1.272.866 096 45 Totel Pag&52 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEILqENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 23. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2022 2021 (Decrease) I Increase in cash.in the year Nel loan repayments Nel advance fees movements {4,238,6611 3.000.592 233 233 2,498.383 (1.827,229) 87 Change in net.debr 11,004,836> 295, 167 Nel d9bl at 1 September 2021 2 250 725 NET DEBT AT31 AUGUST 2022 24. ANALYSIS OF CHA14GE IN NET DEBT Net debt as at 31 August Net debt as at 31 August 2022 Cash Chang9 Cash at barf< and in hand Cash at iiive5ttnenl manager Loans Advance fees scheme 8,700,572 14,319,934) 4380,638 81,273 97,517 3,OLX),592 (s￿65,168} 233 233 (8.565, 760) 210661 25a. OTHER FINANCIAL COMMITMENTS At .31 August 2022 the School had future mlnimum lease payments under non-cancellable operating lease5 as follpws.. Other operating leases. 2022 2Q21 GROUP Wkhin one year Be￿een one snd fN8 yea er 5 ygars 133,023 119,408 7&218 13,617 SCHOOL Wilhln one year Between one and five years Over 5 years O,J18 11433 Page 53 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 25b. OTHER FINANCIAL GOMMITMENTS: LESSOR At 31 August 2022 the School had future minimurft lease le￿IptS under norL-cancellab operating18ases as follow5= Investment property 2022 2021 GROUP AND SCHOOL Within one year Betw&n one and fwe years Over 5 years 21,600 86,400 86,4(X) 26. PENSION COSTS Defined Benefit Scheme 'The School participates in the Teachers, Pension Scheme { the'TPS'I for rfs teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,578,144 (2021.. £1,5T9. 75B) and at the year-end £Nil {2Q27.. £NilJ was accrued in respect of contributions lo this scheme. Tho TPS is an unlunded Mult￿&mpIOyer defined benefits pension scheme govemed by The Teache￿. Pensions Regulations 2010 (as amended) and The Teachers. Pen8lon Schen Regulah'ons 2014 (as amended). Membgrs Goritrbi ule on a.pay as you go. basis with contributions from members and the employer being Grediled to the Exchequor. RetsreTnent and olhor pension benell$ are paid by PLS(Ilic funds provded by Parliament. The employer contribution tsle Is sel by the Secre18ry of Slate following scheme valuations undefLaken by ihe Government Actua￿S DepertmenL The most recent acluarial valuaTion OT t.he TPS was prepared as at 31 Mar¢h 201e and the Valuatlon Report. which was published In March 2019, confirmed thal tho employer contrfbulion rate for the TPS would Incre8¥e from 16.4% 10 23.60/0 from 1 September 2019. Empby&rs are also required lo pay a Schèma adminlslrallon levy of 0.080/4 giving a tolal employer contribuliDn rale of 23.B8'k. The 31 .March 2016 Valuation Report was p￿pared in accordance with" thg benefits Set out in the scheme regulab'ons and underlhe approach specified in the Direction5, as ihey applied at 5 March 2019. Howevèr. the a8sumplions were considered and sel by the Department for Education prior to the ruling in the 'McGloudlSatrJe8nt Case,. This case has required the courts la consKler cases arding the implementallon of thg 2015 reforms to PubliG servi￿ Penslons Including the Teachers, Pensions. On 27 June 2019 th'e Supieme Court denied the. yovernmenl pgmii85ion lo appeal the Court ol Appe81'sludgmenl thatlransiliot)81 provision5 introduced lo th8 reftsrmed pension schemes in 2015 gave rise lo unlawful age discrimination_ The 9overnment is respe¢ling the Courvs decision and has sald il wlll engage fully with the Employment Tribunal as wetl as employer and member reprosentatives lo agree how the discriminations will be ￿medi&d. The government annoUn￿d on 4 F8bruary 2021 that il intends to proceed wtth 8 deferred rhoice underpin underwhlch rrember$ will be able lo choose oilher legacy or reformed s¢h&me benefits in respect of iheir serwce during the periors betwpen 1 April 2015 and 31 March 2022 at the point they bocome payable. vage THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 PENSION COS.TS lcontlnued) The TPS Is subject to a cost cap rnechanism whtch was pul in Pla￿ to protect taxpayers ag￿nst unforeseen change5 in s¢heme c051s. The Chief Secretary lo the Treasury, having in 2018 announc¥J that Ihere would be > review of Ihis cost cap mechanism, in January 2019 anmoun￿d pause to the cost cap mechanlsm following the Court of Appeal's Tuling in Ihe Mccloudlsargeant case and untll there 15 certainty aboutlhe velue ofpènsions lo empbyees from April 2015 onwards. The pause was litled In July 2020. and a consultation was launched on 24 Jung 2021 on proposed ¢hang&s to Ihg ￿51 wnlrol mechanism fDllowing a review by Ihe Govemrnent Actuary. Following Ihq public consutslion, the Government have accepted three k.ey proposals r*ommended by the Governmerkt AGluary. and are aiming'to implement these chanyes in time for the 2020 valuallons. The 2016 cost control valualloris have slnce been completed In January 2022. and the results indicated Ihattherewould be no changes to beneflts ormember contributions required. The restslls of the cost cap val(falion are not usod to set the èmployercontrlbulion r4le, and HM Treasury ha5 conflmied that any changes lo the employer conlribulDn rale resulting from th8 2020 valuations will lake effect in April 2024. Until Ibe 2020 vaknalion is completed il is not possiblelo conclude on any financial impact or fvlure changes lo thè contiibution rates of the Trs. Accorfingly no provlsion for any additional past benerrt pension eosts is included in these llnancl81 stalemenls, OtherPensions In addilion to th above the School also makes contribution5 for non-leaching staff. This 1$ a separately adminiqtered defined conlributiDn scheme or an auto enrolmenl arrangement Wbth NEST. Employers contrtbullons tolalling £95.569 (2021.. £96,773} were payable lo the defined conlribulion fund for the year and £63,925 (2021.. £59.T13) payable lo NEST foi the year. Total outstanding contribultons lor all schemes af the yearend were £Nil (2021.. £32,309). 27. RELATED PARTY TRANSACTIONS The. Head 1$ Chair of The PortsFesl and one of the Govemors 15 a tru51ee. At the year-end PortsFes1 owed Ihe School £61.288 (2021.. £9,963). The Sch¢x)I contributed £35,000 (2021_.' £15,OOQJ to PortsFe5t duriny lh& financial year. FurtheT details of PorlsFest are desuibed in the Report ol the Directors. The PreV￿u5 Head's remuneratioh p8d, in accordance with the terms and condittons assoclated with Ih?ir roles. Pa9e 55 THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 28. FINANCIAL INSTRUMENTS 2022 2021 Group Financial a55¢1s m9asured at amortised cosl Financial liabilities Thasurecl a amortised cost Financial 8sse19 measured at fair value 5.053,344 6,8B8,677 9.278.rig 8,409.933 The group'5 Incotne. expense, gains and108ses In rejpect of flnancial in5trumenls are sun)marlsed below.. 2022 2021 Interest Income and expense: Tot81 interest income for flnan¢tal assets held al amorbsed eosl. Total Income for financial assets held at fair value Total inleresl expense for financial liabilitie5 he￿ at amortlsecl cost 81,544 44.971 55,761 43,547 2022 School Financi81 assets measured at amortised cost Financial liabilllles meagured al amortised cost Financial assals measured ?1 falr value 5,259,706 8,069,761 9,359, 117 9,827.016 Thg scnooi s incomE, expense. gairks and losso8 in respect of financial instruments are summarised below.. 2022 2021 Inter￿l In¢omg and OXPOllS9a Inlergsl incomg Total income for financial asse￿ held at fair value Intere5* expense 81.644 17,269 55,701 16,722 Flnanc1818ssets me85ured at amortised cost comprise trade debtor¥, amounts owed by group undertakings, olherdebtors and cash and cash equivalents. Included within this figure for Ihe group and sch¢Jol is a parental debt prov15ion totslling £257,816 {2tr23.' £200,551)- Financial assets are measured al fair value comprise list.ed investments. Financial Irabilf(ies measured al amortised costs comprise bank loans, amounts owed to group undertakings, nel Dbligaliot)s under finance lease and hire purchase ¢onlracl&, other creditors and aocruals. THE PORTSMOUTH GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Exp8ndats￿. PemJ8nert Unr8slrf¢lod Func1$ R6sEricle Ftmds Fund Fu￿5 2021 INCOMEAMi?EfvDOWMENTS Ch8rrf8bkadyvkies Sthoolfees ￿Ce￿&ble rKRlaryh71tngincume 16.8w2..848 422,.074 1&￿2.848 422,074 Olherttsdhg A¢bvitie$ftYgénetsllng fvnd£. A￿￿.char￿a￿ts itscy 0rherh*¢mlng￿S0urCQs Ir2.18 44,574 122.1B4 InveslJN8nls lovestmeDI Incorne 6.692 21.333 55.761 Vdunterysource5 Qon&liGfjs Con>navinps Job Relenlion 169.352 397.360 750,000 1.316.712 Tc+allncom8 17 693 146 EXPEND￿uRE ON." Ratwno Funds Non.ch&rytsble ￿LIng c05tS 146.611 4.975 YJg,844 146,611 246.418 YJ9.844 2.426 ).013 ChaFk6bJe¥¢bvifres.' schoojop6rn￿￿ costs and grant makingb&f¢)m excewknnal ¥ll&off costs liwalwytiè-off of>7x@d&ssets Total charilaJMesGINilre$ 17,491395 I7￿29,308 174933 TotaIewen￿lure 18,114,825 9.59 19.445 18.163,179 NetinVeEtsnenIg￿￿￿5S&Sj NETIfvc"OME¢EXPENDITURE) 1270,9ZII 395,360 34,949 942,957 1.102,339 TNafisferbelwtenfunds NÈTMOVEMENTINFUNDS (270,9271 39s,360 "34.949 942,957 Ftsrtlba18nces at 1Seplemb>k201 16 933 901 2347T5. 4 568 622 T2 544 804 Furtdb8J8nc8S at.11 August202Q Page $7