The Clitheroe Royal Grammar School Foundation Charitable Incorporated Organisation Annual Report and Financial Statements Year ended 31 August 2024 Charity Registration Number: 1174177
Clitheroe Royal Grammar School Foundation Contents Reference and Administrative Details Trustees, Report 1. Structure, Govemance and Management 1.1 Constitution 1.2 Trustees 1.3 Goveman 1.4 Connected Organisation 2. Public Benefft 3. Financial review 3.1 Nature of the Foundation's Assets 3.2 Investment Policy & PerfonanCe 3.3 Reserves Policy 3.4 Identification of Major Risks 4. Objectrves and Activities 5. Achievements and Performance 5.1 Payments to C11ther Royal Grammar School 5.2 Payments to Students and Parents 6. FLrture Plans 7. Trustees Responsibilities in relation to the Finan Statements 8. Accounts Independent Examiners, Report Statement of Financial Activities Balance Sheet Notes to the Financial Statement. incorporating: ststement of Accounting Policies Other Notes to the Financial Statements 10-18
Reference and Administratlv6 Detalls Trustees Dr A D claOn - Chainnan IAppThnted Tnistee) Mr J Evans {Appnted Trustee) Mrs J S Hart (Appnted Truste8- resigned 25 September 2024) Mr A Hawkins (CRGS Parent Govemots Nom. Tnlee) Mr S G Isherwood (Appnted Trustee) Mr O Nowell (Appnted Truste8) Mr A Rogers (Apwnted Trustee) Mr J S Sutton IApwnl8d Truslee) Ms R Lane (Appnted Trustee- 15 November 2023) Address for correspondence Clitheroe Royal Grammar School Foundation York Street Clitheroe Lancashire BB7 2DJ Charity Number 1174177 Independent Examiner Mrs A M Smith Bennett Kirkhope Smilh Ltd Suites 5 & 6 The PrinOrkS Hey Road Barrow Clitheroe Lancashire BB7 9wB Bankers Santander UK plc Business Banking Bridle Road Bootle L30 4GB Handelsbanken PLC 3 Thomas More Square London E1W 1WY Investment Advisers JMFinn&Co 4 Coleman Street London EC2R STA Solicitors Forbes Rutherford House 4 Wellington Street {St John's) BLackburn BB18DD Pa9e 1
Trustees, Report The Trustees present their annual report together with the financial statements and examiners, report of the Clitheroe Royal Grammar School Foundation (the'Foundation") for the year ended 31 August 2024. l. Structure Governance and Management 1.1. Constitution: The Clitheroe Royal Grammar School Foundation is a Charitable Incorporated Organisation, registered charity; No. 1174177 (England and Wales) The Foundation is govemed by: The Constitution of the Clitheroe Royal Grammar School Foundation. approved by the Charity Commission on 8 August 2017 1.2. Trustees: The Foundation's Constitution states that there shall be no less than five and no more than eight Appointed Trustees together with two Nominated Trustees. One of the Nominated Trustees is to be nominated by the Parent Governors of Clitheroe Royal Grammar School (CRGS) and the other by the Ribble Valley Borough Council (RVBC}. As of the date of this report, the Board of Trustees is made up of seven Appointed Trustees and one Nominated Trustee. cUentlY the position of the Nominated Trustee by RVBC is vacant. This is because RVBC have informed the Trustees, that as a result of a change in policy. they are no longer nominating trustees fortypes of organisations like the Foundation. The Trustees are currently considering how to address this matter. Details of the Trustees of the Foundation who served throughout the year and up to the date of this report. except as noted, are included in the Reference and Administrative Details on Page1. None of the Trustees listed on Page 1 received remuneration or any expenses for the time spent on affairs of the Foundation. 1.3. Governance: The Trustees have resolved to meet at least three times each year. The pUoSe of these meetings is to receive reports; to oversee. recommend and approve the payment of grants; to monitor the Foundation's investment performance in light of appropriate professional advice; and. to receive and approve the Foundation's accounts and reports detailing the current financial position of the Foundation. During the year under review the Trustees met on 27 September 2023. 15 November 2023, 21 February 2024 and 15 May 2024. 1.4. Connected Organisation and Related Party Relationships: The School of the Charity is Clitheroe Royal Grammar School (the 'School"}, a selective 11 to 16 grammar school {'Main School") with an open access sixth form ("Sixth Form"). Clitheroe Royal Grammar School has academy status and, as such, is a company limited by guarantee (No. 07461173) and an exempt charity. The principal activty of Clitheroe Royal Page 2
Grammar School is to provide a qualty, free education for young people, aged 11 to 19, who live in the area local to the School. The trustees of the Clitheroe Royal Grammar School Foundation hold on trust funds and investments that represent the current value of donations and endowments that have been made over the years since the founding of the School, and in particular its original endowment, which was granted on 29 August 1554 by Letters Patent of Queen Mary. These funds were held on trust under the terms of a Board of Education Scheme of 1906 until the predecessor of the current CIO. an unincorporated trust of the same name, came into being in 1966. While the School and its Foundation both exist to further the education of the students at Clitheroe Royal Grammar School, the two separate charities do this in distinctly different ways. Importantly, the Governors of Clitheroe Royal Grammar School have no influence in the decisions made by the Trustees of the Clitheroe Royal Grammar School Foundation. Under the Articles of Association of Clitheroe Royal Grammar School. the trustees of the Clitheroe Royal Grammar School Foundation have the right to appoint up to five Foundation Governors of the School. 2. Public Benefit: The Foundation has complied with the duty (set out in section 4 of the Charities Act 2011) to have due regard to public benefit guidance published by the Charity Commission. The Foundation exists to support the educational work of Clitheroe Royal Grammar School by fulfilling the following objects: 1. Providing for the School such special benefrts of any kind not normally provided by governmental or other public funds or provided as part of the normal running costs of the School as may from time to time be agreed between the School's Governors and the charity trustees 2. Otherwise promoting the education (including social and physical training) of persons who are pupils of the School, or fomier such pupils under the age of 25 years, who are in need of financial assistance. In the event that the School is discontinued. and the above objects can therefore no longer be achieved, then the object of the charity shall be to promote the education of persons under the age of 25 years who are resident in the Ribble Valley Borough Council district and in need of financial assistance. 3. Financial Review: 3.1. Nature of the Foundation's Assets The greater majority (currently approximately 90%) of the invested assets make up the Pemianent Endowment of Clitheroe Royal Grammar School. These assets are held on trust by the Foundation The nature of this endowment. which was originally set up in 1554 'Yo be and to last forever" means that the current Trustees. in common with their predecessors over the past nturies. have no powers to spend any of these fvnds without an Order of the Charity Commission. Disposal of any permanent endowment assets can only be done to increase the value of the endowment through the subsequent re-investment of the funds raised. Page 3
The Trustees do, however, have a statutory duty to apply the net income derived from the permanent endowment solely in accordance with the objects of the charity as defined in Section 2 above. 3.2. Investment Policy and Performance: The majority of the Foundation's funds are invested in a portfolio of quoted securities managed on a discretionary basis by the Foundation's investment advisers. J M Finn & Co. and monitored by the Trustees. The investment policy is to achieve a reasonable rate of return in the context of an acceptable risk from a diverse portfolio, whilst maintaining or increasing the value of the invested funds in real terms. The value of the portfolio as at 31 August 2024 was £5,553,055. This represents an increase in the capital of 9.01 % compared to the value the year before of £5,093,304. During this period. the equity market as measured by the FTSE All Share Index gained 12.740/0 whilst fixed interest securities as measured by the FTSE UK All Gilts index recovered 3.84%. Overall. the performance was slightly behind the composite benchmark with 9.67 % . This was due to stock selection amongst the UK equities. The income from the portfolio rose 10.61 % to £173,789, a yield of 3.13%. Inflation, which a year ago was rising at a rate of 6.70 % . has fallen significantly, down to 2.20 % . This was partly a result of the higher interest rates imposed by global central banks but mainly due to falls in the prices of gas and wheat that spiked following the invasion of Ukraine. Since last October, the financial markets have been rallying in anticipation of lower interest rates both here and abroad. The Europeans moved first in June. the Bank of England followed in July and the US Federal Reserve finally joined the throng in September. Investments in three companies, Prudential, Diageo and Reckitt Benckiser were responsible for holding back the returns from the UK equities. In each case they are being retained for their recovery potential. At the other extreme, we enjoyed excellent gains from the holdings of Experian, Greggs and especially CRH which has moved its primary listing to New York. Steady economic growth together with falling inflation and lower interest rates are all conducive to gains for the financial markets but the portfolio is relatively defensively positioned in case of a surprise recession in 2025. Additional income is received from the letting of various land and property. In the year ended 31 August 2024 the gross income received amounted to £21.254 compared to £16.850 in the previous year. 3.3. Reserves Policy: The Trustees recognise that a significant amount of their expenditure takes place in the first couple of months of the Foundation's financial year (i.e. the academic year). To account for this it is the policy of the Trustees to maintain year-end total balances in the Foundation's bank accounts at a level that is beeen half and one year's annual expenditure taken as an average of the previous three years. It is considered that this provides sufficient funds to cover management. administrative and support costs as well as being able to respond to applications for grants as and when they arise. Page 4
3.4. Identification of Major Risks: The Trustees consider the variability of investment retums on the Foundation's funds to constitute the charity's major risk. The Trustees have responded to this perceived risk by taking appropriate professional advice and by diversrfying the Foundation's investments in accordance with such advice. 4. Objectlves and Activities: The aims and objectives of the Clitheroe Royal Grammar School Foundation are to advance the education of its beneficiaries. namely the students and former students of Clitheroe Royal Grammar School. The charity seeks to meet its objectives by making grants to the School. and to cuent and recent students. In the longer term the charity aims to fulfill its obligations to its beneficiaries by maintaining and increasing the value of the Foundation's endowment. as far as possible, for the benefrt of future generations of Clitheroe Royal Grammar School students. 5. Achiovoments and Performance: 5.1. Payments to Clitheroe Royal Grammar School During the year the Trustees made payments to the School of £45.975 to fund items such as additional equipment and support for activities of the students. 5.2. Payments to Students and Parents During the year Foundation Grants totaling £16.755 were awarded to the parents of students at Main School to assist with the necessary expenses associated with these students, education during the academic year. These grants were subject to a means test set by the Trustees. During the year donations were received in respect of the Sanderson Bursary, the Thomas and Myra Ryan Science Awards and the Emerson Holmes award. During the year the Foundation made grants to former Sixth Form Year 13 students totaling £4,255 in respect of these. Also during the year the Trustees awarded scholarships, totaling £12,000 to former Sixth Form Year 13 students in recognition of their outstanding success in their A Level examinations. In addition payments totaling £8.105 were made in respect of various other bursaries and prizes. 6. Future Plans: During the year, the Trustees have continued to work with a local firm of planning consultants and commercial propety agents (specialising in residential land) to obtain planning consent and subsequently market 13 acres of land at Highmoor Farm. Clitheroe. This area of land was included in the Ribble Valley Borough Council's (RVBC) list of preferred sites for new housing development in July 2018. a listing subsequently confirmed by the Government's Planning Inspectorate early in 2019. A planning application was submitted in early 2021 and on 8 February Page 5
2023 outline planning pemiission was received from RVBC. This permission contained a number of conditions and discussions are continuing with RVBC in particular regarding access to the proposed development site. It is hoped these will be finalised in the near future. 7. Trustees. Responslblllties in relation to the Financlal Statements: Law applicable to charities in England and Wales requires Trustees to prepare financial statements for each financial year that give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the Trustees have been aware of their obligations to: Select suitable accounting policies and then apply them consistently- Make judgments and estimates that are reasonable and prudent; State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements., and Prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue in business. and have complied with them. 8. Accounts: The Twstees confimi that the accounts comply with: Statutory requirements The governing documents The statement of recommended practice "Accounting and Reporting by Charities. issued in 2005 The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the Trustees of the Foundation on GFJ> And signed on its behalf by". Dr Andrew David Clayton Chairman Page 6
Independent Examiner's Report to the Trustees of The Clitheroe Royal Grammar School Foundation Independent examiner's report to the trustees of The Clitheroe Royal Grammar School Foundatlon I report to the charity trustees on my examination of the accounts of Th8 Clitheroa Royal Grammar School Foundation (the Trust) for the year ended 31 August 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Ad,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145{5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act., or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts 8nd Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no Concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mrs A M Smiih Bennett Kirkhope Smith Chartered Certified Accountants Suites 5 & 6 The PrInorkS Hey Road Barrow Clitheroe Lancashire BB7 9VVB Date.. Ir Page 7
The Clitheroe Royal Grammar School Foundation Statement of Financial Activities for the Year Ended 31 August 2024 31.8.24 Total funds 31.8.23 Totsl funds Unrestricted Endowment fund fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 4,485 4,485 4,621 Investment income other income 198,639 208 198,639 208 175,037 1,647 Total 203,332 203,332 181,305 EXPENDITURE ON Raising funds 23,393 17,984 41,377 54,204 Charitable activities Grant Making 87,090 87,090 112,943 Other 4,883 4,883 2,335 Total 115,366 17,984 133,350 169,482 Net gainsl(losses) on investments 31,134 447,851 478,985 44,709) NET INCOMEI(EXPENDITUREI 119.100 429,867 548,967 (32,886) RECONCILIATION OF FUNDS Total funds brought forward 602,403 5,379.976 5,982,379 6,015.265 TOTAL FUNDS CARRIED FORWARD 721,503 5,809,843 6,531,346 5,982,379 The notes form part of these financial statements Page 8
The Clitheroe Royal Grammar School Foundation Balance Sheet 31 August 2024 31.8.24 Total funds 31.8.23 Total funds Unrestricted Endowment fund fund Notes FIXED ASSETS Investments Investments Inveslment property 360,949 5,192,106 617,737 5,553,055 617,737 5,093,304 617,737 360,949 5,809,843 6,170,792 5,711,041 CURRENT ASSETS Debtors Cash at bank 7,627 356.936 7.627 356,936 12.500 263,282 364.563 364,563 275,782 CREDITORS Amounts falling due within one year (4,009) (4,009) (4.444) NET CURRENT ASSETS 360,554 360,554 271,338 TOTALASSETS LESS CURRENT LIABILITIES 721,503 5,809,843 6,531,346 5,982,379 NET ASSETS 721,503 5,809,843 6,531,346 5,982,379 FUNDS Unrestricted funds Endowment funds 10 721,503 5,809,843 602,403 5,379,976 TOTAL FUNDS 6,531,346 5,982,379 The financial statements were approved by the Board of Trustees and authorised for issue on Zo&Snd were signed on its behalf by.. A Clayton - Trustee The notes form part of these financial statements Page g
The Clitheroe Royal Grammar School Foundation Notes to the Financlal Statements for the Year Ended 31 August 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: statement of Recommended Practice applicable to charities preparing their a¢¢ounts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market valu8, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that Ihe income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at th8 year ènd date are noted as a commitment but not accrued as expenditure. Investment property Investment propety is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financtal Activities. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitsble objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 10 continued...
The Clitheroe Royal Grammar School Foundation Notes to the Financial Statements - continued forthe Year Ended 31 August 2024 INVESTMENT INCOME 31.8.24 31.8.23 Rents received Investment income Deposit account interest 21,254 173,789 3,596 16,850 157,119 1.068 198,639 175,037 RAISING FUNDS Investment management costs 31.8.24 31.8.23 Portfolio management fees Propety repairs Legal and professional fees Rates and water Insurance Light and heat Security 19,234 6,950 5,146 1,712 1,293 205 6,837 18,646 9,806 3,793 1,828 1,264 158 18,709 41,3TI 54,204 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration for the year ended 31 August 2024. Two Trustees were taken for a meal by JM Finn, the company managing the charity's investment portfolio. Although the actual cost benefit of the meal is not known, each Trustee donated £40 to the charity to negate any personal gain they may have received from the meal. There were no trustees, remuneration or benefits for the year ended 31 August 2023. Trustees. expenses There were no trustees, expenses paid nor reimbursed for the year ended 31 August 2024. Out-of-pocket expenses reimbursed to trustees in the year ended 31 August 2023 were as follows. Repairs and renewable resources 40 Page 11 continued...
The Clitheroe Royal Grammar School Foundation Notes to the Financial Statements - contlnued forthe Year Ended 31 August 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endonent fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 4,621 4,621 Investment income other income 175,037 1.647 175,037 1,647 Total 181,305 181,305 EXPENDITURE ON Raising funds 36,770 17,434 54,204 Charltable actlvltles Grant Making 112,943 112,943 Other 2,335 2,335 Total 152,048 17,434 169,482 Net gainsl{losses) on investments 2,9061 41,803) 44,709) NET INCOMEI{EXPENDITURE) 26,351 (59,237) (32,886) RECONCILIATION OF FUNDS Total funds brought fOard 576,052 5,439,213 6,015,265 TOTAL FUNDS CARRIED FORWARD 602,403 5,379,976 5,982,379 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 September 2023 Revaluations 5,093,304 459.751 At 31 August 2024 5,553,055 NET BOOK VALUE At 31 August 2024 5,553,055 At 31 August 2023 5,093,304 Page 12 continued...
Tho Clitheroe Royal Grammar School Foundation Notes to the Financial Statements - continued for the Year Ended 31 August 2024 FIXED ASSET INVESTMENTS - contSnued 31.8.23 Market Value 31.8.23 Market Value ASSET TYPE Fixed Interest UK Bonds Overseas Bonds Equities & Funds UK North America Europe Asia Ex Japan Global Global Themed Emerging Markets Alternatives Cash Accrued Interest 1,288,191 1,210,282 1,865,098 386,595 516.053 317,339 577,675 165,600 68,700 341.359 20.579 5,866 1,846,584 184,391 460,614 291,599 509,425 137,120 66,562 222.165 159,352 5,210 Total 5,553,055 5,093,304 Page 13 continued...
The Clitheroe Royal Grammar School Foundation Notes to the Financial Statements - continued for the Year Ended 31 August 2024 INVESTMENT PROPERff FAIR VALUE At 1 September 2023 and 31 August 2024 617,737 NET BOOK VALUE At 31 August 2024 617.737 At 31 August 2023 617,737 Investment property comprises of land and buildings at Highmoor Farm valued by the trustees in February 2018 on transfer to the charitable incorporated organisation plus improvement expenditure incurred since totalling £395,855 plus 2 Highmoor Park at cost in March 2019 of £221.882. The trustees are satisfied that the current fair value is not materially different from the value included in the accounts. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 Trade debtors VAT Prepayments 7,520 107 11,827 546 127 7,627 12,500 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 Trade creditors Other creditors 621 3,388 3TT 4,067 4,009 10. MOVEMENT IN FUNDS Net movement in funds At 31.8.24 At 1.9.23 Unrestricted funds General fund 602,403 119,100 721,503 Endowment funds Endowment 5,379,976 429,867 5,809,843 TOTAL FUNDS 5,982,379 548,967 6,531,346 Page 14 continued...
The Clitheroe Royal Grammar School Foundation Notes to the Financial Statements - continued for the Year Ended 31 August 2024 10. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows: Incoming resour¢es Resources expended Gains and losses Movement in funds Unrestricted funds General fund 203.332 (115,366) 31,134 119,100 Endowment funds Endowment (17,984) 447,851 429,867 TOTAL FUNDS 203,332 133,350) 478,985 548,967 Comparatlves for mov•m•nt in funds Net movement in funds At 31.8.23 At 1.9.22 Unrestricted funds General fund 576,052 26,351 602,403 Endowment funds Endowment 5,439,213 (59,237) 5,379.976 TOTAL FUNDS 6.015,265 32,886) 5,982.379 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fund 181,305 (152,048) (2.906) 26,351 Endowment funds Endowment {17,434} (41,803) (59,237) TOTAL FUNDS 181,305 169,482) 44.709) 32,886) Page 15 Continued...
The Clitheroe Royal Grammar School Foundation Notes to the Financial Statements - continued for the Year Ended 31 August 2024 10. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.8.24 At 1.9.22 Unrestrlcted funds General fund 576,052 145,451 721,503 Endowmènt funds Endowment 5.439,213 370,630 5,809,843 TOTAL FUNDS 6.015,285 518,081 6.531,346 A Current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resourcés Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 384,637 (267,414) 28,228 145,451 Endowment funds Endowment (35,418) 406,048 370,630 TOTAL FUNDS 384.637 302,832) 434,276 516,081 11. RELATED PARTY DISCLOSURES There have been Grant Donation transactions to the related third party Clitheroe Royal Grammar School for the year ended 31 August 2024. Both Grants to Institutions £45,975 and £3,605 of the Grants to Individuals were transferred to Clitheroe Royal Grammar School. The reminder, £37,510 of the Grants to Individuals were made directly to either students or their parents. A further breakdown of these figurès is provided in paragraph 5.2 of the Trustees Annual Report. Page 16
The Clitheroe Royal Grammar School Foundation Detailed Statement of Financial Activities for tha Year Ended 31 August 2024 31.8.24 31.8.23 INCOME AND ENDOWMENTS Donations and legacles Donations 4,485 4,621 Investment income Rents received Investment income Deposit account interest 21,254 173,789 3,596 16,850 157.119 1,068 198,639 175,037 Other income Wayleave Sale of Roof Slates 208 207 1,440 208 1,647 Total incoming resources 203,332 181,305 EXPENDITURE Investment management costs Portfolio management fees Propety repairs Legal and professional fees Rates and water Insurance Light and heat Security 19,234 6,950 5,146 1,712 1,293 205 6,837 18.646 9,806 3,793 1,828 1,264 158 18.709 41,377 54.204 Charitable activities Grants to institLrtions Grants to indtviduals 45,975 41,115 65,622 47,311 87,090 112.933 Support Costs Management Sundries 10 Governance costs Independent examiners fee Insurance Clerk services 1,200 935 2,694 1.400 935 4,829 2,335 This page does not fonn part of the statutory financial statements Page 17
The Clltheroe Royal Grammar School Foundation Detailed Statement of Financial Activities for the Year Ended 31 August 2024 31.8.24 31.8.23 Totsl resources expended 133,350 169,482 Net income befo galns and losses 69,982 11,823 Reallsed recognised gains and losses Realised gainsl{losses) on investments 478,985 44,709) Net incomel(expenditure) 548,967 32,886) This page does not form part of the statutory financial ststements Page 18