The Clitheroe Royal Grammar School Foundation Charitable Incorporated Organisation Annual Report and Financial Statements Year ended 31 August 2025 Charlty Reglstration Number: 1174177
Clithero• Royal Grammar School Foundatlon Contents Referen and Administrative Detsils Trustees, Report 1. Structure, GovemancE and Management 1.1 ConstituticrÈ 1.2 Tru5tee8 1.3 Govemance 1.4 Connected ctrg8nisation 2. Publ Ben8fft 3, Finartial review 3.1 Nature of lh8 Foundation's Assets 3.2 Investm6nt Polioy & Perfom)anc8 3.3 Reserves Policy 3.4 Identification of Major Risks 4. Objectiv85 and Aclivitses 5. Achievements and Perforniance 5.1 Paymgnts to Clitheroe Royal Grammar School 5.2 Payments to Sludents and Parents 6. Future Plans 7. Trustees ResFonsbi ililies In fftlation to the Finance Statements 8. Accx)unts Independent Examiners, Report Slatement of Finala1 Activib85 Balarte Sheet Notes to the Financial Statement. incorporating.. ststnt of Accounting Polic Other Notes to Financial Statements 10-18
Refgroncg and Adrnlnlstratlve Dotails Trustees Dr A D Clayton- Chaimian {Wnled Tnlee} Mr J Evans IA0pDIed Truste&) Mrs J S Hart (ADPthrt&Y fnJst8è-rovd 25 S8pleftlw2024) Mr A Hawkins {CRGSP&r8nl Goyerrhxs Tnth) Mr S G IShe00d IWfr7ted TrusÈeeJ Ms R Lane {Appthed Tmslee J Mr O Nowell (Appc¥rled Tru&ee) Mr A Rogers I1 Trust88J Mr J S Sutton IAppcNnÉ8d Trustee) Mrs H Whitehead (nt rn4sts&-8pp(wn16d24 Sept2024 Address for CorreSndent6 Clitheroe Royal Grammar School Foundation York Street Clitheroe Lancashire BB7 2DJ Charity Number 1174177 Indent Examiner Mrs A M Smith Bennètt Kirkhope Smith Ltd Suit88 5 & 6 The Printsvorks Hey Road Clithero& Lan¢ashire BB7 9WB Bankers Handelsbanken PLC 3 Thomas More Square London E1W 1WY Investment Advisers JMFlnn&Co 4 Coleman Street London EC2R STA Solicitors .Forb68 Rutherford House 4 Wellington Street (St John's) Blackbum BB18DD Page 1
Trustees. Report The Trustees present their annual report together with the financial ststements and examiners, report of the Clitheroe Royal Grammar School Foundation (the'Foundation') for the year ended 31 August 2025. 1. Structure Governanu and manament 1.1. Constitutlon.. The Clitheroe Royal Grammar Sthool Foundation is a Charitable In¢ory)orated Organisation. regislered charity: No. 1174177 (England and Wales) The Foundation is govemed by: The Constitution of lh8 Clitheroe Royal Grammar School Foundation, approved by the Charity Commission on 8 August 2017 1.2. Trusteos: 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 b& nominated by the Parent Govemors of Clilheroe Royal Grammar School (CRGS) arKI Ihe other by the Ribble Valley Borough Council (RVBC). As of the date of this report, the Board of Trustees is made up of eight Appointed Trustees and one Nominated Trustee. Currently the position of tha Nominated Trustee by RVBC is vacant. This is because RVBC have infonned the Trustees, that as a result of a change in policy. they are no longer nominaling trustees for types of organisations like the Foundation. The Trustaes are currently considering how lo address Ihis matter. Details of the Trustees of the Foundation who served throughout the year and up to the date of this reFMJrt. except as rtoted. are induded in the Refer8n¢e and Administrative Details on Page 1. None of the Trustees listed on Page 1 received remuneration or any axpenses for the time Snt on affairs of the Foundation. 1.3. Governance: The Trustees have resolved to meet at least three time8 each year. The purpose of these mèetings is to receive reports; to oversee. recommend and approve th8 payment of grants. to monttor the Foundation's investrnent performance in light of appropriate professional advice". and, to réceive and approve the Foundation's aGcounts and reports detailing th8 Current financial position of the Foundats'on. During the year under review the Trustees met on 25 September 2024, 20 November 2024. 28 February 2025 and 14 May 2025. 1.4. Connectod Organisation and Rèlated Party Relatlonships: The School of the Charity is Clithèroe Royal Grammar School {the °School"). a selective 11 10 16 grammar school ('Main School.) with an open access sixih form {"Sixlh Fom.). Clitheroe Royal Grammar School has academy status and. 88 such. is a Company limited by guarantee (No. 07461173) and an exempt charity. The principal activity of Clitheroe Royal Page 2
Grammar School is lo provide a quality, free education for young people, aged 11 to 19, who live in th8 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 endowfflents that hav8 been made over the years since the founding of the School. and in particular its original endowment. whith 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 sludents at Clitheroe Royal Grammar School, the two separale charitie5 do this in distinclly drfferent ways. Importantly. the Governors of Clitheroe Royal Grammar School have no influence in the decisions made by the Trusts8s of the Clltheroe Royal Grammar School Foundation. Under the Articles of Association of Clitheroe Royal Grammar School, the trustees of the Clithero8 Royal Grammar School Foundation have the rfght to appoint up to five Foundation Govemors of the School. 2. Publlc Benofft: 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 th8 following objects: 1. ProvidirKJ for the School such special benefits of any kind not normally provtded by govemmental or other public funds or provided as part of the nomial running )StS of the School as may from time to time be agreed between the School's Govemors and the charity tnjstees 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 a88iStan¢e. In the event that th8 School 15 discontinued, and the above objects can therefore no k)nger be achieved, then the obi8Ct of the charity shall be to promote the education of persons under the age of 25 years who are resldenl in the Ribble Valley Borough Council district and in need of rinancial assistsnce. 3. Flnan¢ial Revlow: 3.1. Naturo of tho Foundatlon's Assats The greater majorily (currently approximately goyo) of the invested assets make up the Permanent Endowment of Clitheroe Royal Grammar School. These assets are held on trust by the Foundation The nature of this endowmén( which was originally sgt up in 1554 70 be and to last foreverf. means that the current Trustees, in common with their predecessors over the past centuries, have no powers to spend any of these funds without an Order of the Charity Commission. Disposal of any permanent endowment assels can only b8 done to increase the value of Ihe endowment through the subsequent re-investment of the funds raised. Page 3
Thè Trustees do. hover. have a statutory duty lo apply the net income derived from the pemianent endovAnent solely in accordance with the objects of the charity as defined In Seth'on 2 above. 3.2. Investment Pollcy and Perfomiance: The majority of the Foundation's funds are invested in a portfolio of qwt8d securities managed on a discretionary basis by the Foundation's investment advisers, J M Finn & Co., and monItd by the Trustees. The inveslmenl policy is to achieve a reasonable rate of relum in the context of an acceptable risk from a diverse portfolio, whilst maintaining or increasing the valu8 Ot the invested funds in real temis. The value of the portfolio as at 31 August 2025 ¥$ £5,882,238. This represents an increase in the capital of 5.92% compared to the value Ihe year before of £5,553,055. The Total Retum for the y8ar, induding income, was 9.28%. For reference, the FfsE All Share Index produced 12.580A whilst the FTSE UK All Gilts index was a negative -1.87%. both on a total retum basis. Overall. the performance was 1.OOQA ahead of the composite benchmark. This was due to the allocations lowards UK equities and stock selection amongst the Ov8rs8as funds. Th8 incorne from the portfolio improved slightly to £174,871, a yield of 2.96D/o. Inflation, which a year ago was rising at a rate of 2.20%, has picked up again to a rate of 3.800/0. This has limlted the scope for the Bank of England and other central banks to reduce rates but despite Ihis, the UK Bank Rate dropp8d from 5.00% to 4.00%. Conversely. the yield on 10 year Govemment stock increased from 3.970h to 4.70¥0 which meanl the price fell. In a reversal of fortunes, Greggs was the worst perfomiing investment this year. The company along with all other retailèrs was impacted by the increase in employers. National Insurance liabilities and poor trading over tho warm summer. Fixed interest holdings detracted from the overall return together fjth "bond proxies. companies that act like bond investments such as SSE and Land Securities together with Phannaceuticals which also had to contend with the threal of tariffs. At the other extreme. the largest contribution to r8tums came from the stake in SKittish Mortgage Investment Trust thanks lo ils und8rling holdings of Space Ex, Amazon.com, Mela Platforms {Facbook) and Nvidia arnongst others. Companies With a China connection fared well including HSBC, StsTrJard Chartered and Pwdential plus the Schroder Asia Pacific Trust. Modest exposure to the gold price also helped as the m8tal moved from $2,493 to $3,431102. Stèady economic growth together with lower Interest rates are conducive to gains for the financial markets but the portfolio is still relatively defensivety positioned in case of an economic slowdown or a bout of stagflation. Additional income is reG8ived from the letting of various land and property. In the year ended 31 August 2025 the gross income received amounted to £22.786 compared to £21,254 in the provious year. 3.3. Reserves Policy: The Truslees recognise that a SignifinI amount of their expenditure takes Pla in the first couple of months of the Foundation's financial year {i.e. th6 academic year). To a¢Unt for this it is the pollGy of the Trustees lo maintain yearnd tolal balances in the Foundation's bank Page 4
accounts al a level that is belween half and one yearfs annual expenditur8 taken as an average of the previous three years. It is considered that this provides sufficient funds to cover management, administrative and support o)sls as well as being able to respond to applications for grants as and when they arise. 3A. Idèntification of Major Risks: The Trustees consider the variability of investsnent returns on the Foundation's funds to constitute the charity's major risk. The Trusteès have responded to this perceived risk by taking appropriate professional advice and by diversifying the Foundation's investments in arxordancè wtth such advice. 4. Objectives and Actlvltles: The aims and objeclives of the Clitheroe Royal Grammar School Foundation are to advance the education of its beneficiaries. namety the students and former students of Clithero8 Royal Grammar School. The charity seeks to meet its objectives by making grants to the School, end to Current and recent students. In the longer temi Ihe charity aims to fuEfiII its obligations to its bènèficiaries by maintaining and increasing the value of the Foundab'on's endowment, as far as possible. for the benefit of future generations of Clitheroe Royal Grammar School students. 5. Achlovom8nts arKI Perfomiance: 5.1. Payments to Clitheroo Royal Grammar School During the year the Trustees made paymants to the School of £125,474 to fund items such as additional 8quipment. improvement of kitchen facilities and support for activities of and counselling for the students. 5.2. Payments to Studonts and Parnnts During the year Foundation Grants totaling £17,510 ware awarded to the parents of students at Main School to assist with the necessary expenses associated wrth these students, edu¢ation during the acadamic year. These gr8nts were subject to a means lest 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 £6.750 in respect of these. Also during the year the Trustees awarded scholarships, totaling £9,900 to fomer Sixth Form Year 13 sludenls in rewgnition of their outstsnding success in their A Level examinations. In addition payments totsling £22,443 were made in respect of various other bursaries and prizes including assistance for certain students about to start univérsity Page 5
- Futuro Plans: During the year. the Trustees have continued to work with a k)cal firm of planning consultants and Commercial property agents (specialising in residential land) to obtain planning consent and subsequently market 13 acres of land at Highmoor Fami. Clitheroe. This area of land was included in the Ribble Valley BoroLtgh Council's {RVBC) lisl of preferred sites for new housing development in July 2018, a listing subsequently confimied by the Govemment's Planning Inspectorate earty in 2019. A planning applicats'on was submitted in earfy 2021 and on 8 February 2023 outline planning permission was received from RVBC. This permission contained a number of conditions and discussions are continuing with RVBC in particular regarding access to th6 proposed development site. 11 is hoped Ih8sè will be finalised in the near future.
- Trust•es' RPOnSIbl11110s in relation to th• Fin4n¢ial Statsments: Law applicable to charities in England and Wales requires Trustees to prepare financial statements for each financial year thal give a true and fair view of the charity's financial a¢tivilie3 during the year and of its financial position at the end of the year. In preparing these financial statements. the Truste&s have been aware of their obligation5 10.. Select suitable ac¢ounting policies and then apply them consistently: Mak8 judgments and estimates that are reasonable and prudent., Slate whether applicable accounting standards and statements of recommended practice have been followed subJ8Ct to any departures disclosed and explained in the financial statements. and Prepare the financial statements on the going conrn basis unless it is inappropriate to presume the charity will continue in business. and have complied with them.
- Accounts: The Trustees wnfirm that the accounts cc*nply with: Statutory requirements The governing documents The Accounting and R8POrtlng by Charities.. Ststement of Recommended Practice applicab18 lo charities preparing their accounts in accordan with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Trusl8es are responsible for keeping accountlng records that disclos8 with reasonabl8 accuracy at any time the financial posilion of the charity and enable it to ensu that the financial statements comply with the Charities A¢t 1993. They arè also responsible for safeguarding lh8 assets of the charity and hence for taking reasonable sleps for the prevention and d8t8Ction of fraud and other irregularities. Approved by order of the Trustees of the Foundation on . And signed on its behalf by: Dr Andrew Chairman avid Clayton Page 6
Independent Examlnerfs Report to the Trustees of The Cllthoro• Royal Grdmmar School Foundation Independent oxamlnorfs report to the trustths of The Clltheroe Royal Grammar School Foundatlon I report lo the Charity trustees on my examination of tho accounts of The Clitheroe Royal Grammar School Foundatson (the Trust) for the year ended 31 August 2025. Responsibilltits and basis of report As the charity trustees of the Trust you are resp)nsible for the preparation of the accounts in accordan¢e th the requirements of the Charities Act 20111'lhe Act,). I report in sPeCt of my examination of the Trusfs aco)unts carried out under Section 145 of the Act and in carrying out my examinatKJn I have followed all applicable Directions given by the Chaity Commission under Section 145(5)Ibl of the A¢t. Ind•p•ndent èxamlnerfs statement I have completed my examination. I confim that no material matters have come to my attention in connection wtth the examlnation giving me cause to belleve that in any material spect. accounting records were not kept in respect of the Trust as required by Seclion 130 of the Act; or Ihe accounts do not accord wlth those rerdS., or the accounts do not comply with the applfrcae requirement$ concerning the form and content of accounts set out In the Charltles {Accounts and Reports) Regulations 2008 other than any requirement that the acccmjnts glve a Irue and fair view whlch 1$ not a maller considered as part of an independent examlnatlon. I have no conrn5 and have come across no other matters in connection wlth the examination to which attention ¥hould be drawn in thls report in order to enable g proper underslanding of the accounts to be reached. Mrs A M Smrth Bennett Kirkhope Smith Chartered Certified Accountants Suites S & 6 The PrInrkS Hey Road Bamw Clitheroe Lancashire BB7 9WB Date.. Page 7
The Clltheroe Royal Grammar School Foundatlon Statwn•nt of Financial Activities for tho Yèaf Endod 31 August 2025 31.8.25 Total funds 31.8.24 Total funds unrestrted Endovfflienl fund fund Notes INCOME AND ENDOWMENTS FROM Donations and lewes 5.445 4,485 Investment i(Orne other income 203,718 215 203,718 215 198,639 Total 209.378 209.378 203.332 EXPEN0uRE ON Raising fvnds 25.662 18,850 44,512 41,377 Charltable actlvllles Grant Making 182,077 182.077 87,090 Other 3.910 3,910 4.883 Total 211,649 18,850 230,499 133,350 Net gains on investments 22,707 326,637 349,344 478,985 NET INCOME 20,436 307,787 328,223 548,967 RECONCIUATION OF FUNDS Total funds brought forward 721,503 5.809,843 6,531.346 5,982,379 TOTAL FUNDS CARRIED FORWARD 741,939 6,117,630 6,859,569 TIR notes form part of thes8 fin8nclal Statements Page 8
Th• c11th•r Royal Grammar School Foundatlon Balancg Sh88t 31 August 2025 31.8.25 Totsl funds 31.8.24 Total funds Unrestricted Endowment fund fund Notes FIXED ASSETS InvoStm•nts Investments Investment propety 382.345 5.499,893 617,737 5,882,238 617.737 5,553,055 617,737 382,345 6,117.630 6,499,975 6.170.792 CURRE ASSErs Debtors Cash at bank 6,731 356,191 8,731 356,191 7,827 356,936 362,922 362,922 CREDITORS Amounts falling due within year (3,328) {3,328} {4,009) NET CURRENT ASSETS 359,594 359,594 360,554 TOTAL ASss LESS CURReKr LIABILITES 741.939 6.117.630 6.859,569 6.531,346 NET ASSETS 741,939 6.117,630 6,859,569 6,531.346 FUNDS Unrestricted fvnds Endowment funds 10 741,939 6,117,630 721,503 5,809.843 TOTAL FUNDS 6 859,569 6,531.346 The financial Statements were approved by the Board of Trustees and authorised for Issue on ....Its....... arml were signed on its behalf by.. A Clayton- T slee The notes form part of these finanryal statements Page 9
Tho Cllth•roo Royal Grammar &hool Foundatlon Notes to th• Flnancial Statsmonts for tho Year Ended 31 Augu$t 2025 ACGQUNTING POLICIES Basls of preparing thg financial statements The financial ststements of the tharity, which is a public ben8fil 9ntity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'Accounling and Reporting by Charilies.. Slalemenl of RecommerKled Practice applicable lo charities preparing their accounts in accordance wilh the Flnanual Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffeGlive 1 January 20191,, Finanoial Reporting Standard 102 'The Financial Reporting Standard applicable in th& UK aThJ Republlc of Ireland, and the ch118$ Act 2011. The financial statement5 have bgen prepared under the historical cost convention, wth the exception of investments which are Induded at market valu8. as modified by the revaluatK>n of certain assets. Incomo All income is ognISed in the Ststement of Financial Activities once the charity has entillemenl to the fuThYs, it is Fxobable Ihat the income will be received and the amount Can bg measured reliably. Expendituro Liabilities are recognised as expenditure as sIn as there is a legal or constructNe oblwJalion committing the charity lo that expenditure, il is probable thal 8 transfer of economic benefits will be required in settlement and the amount of the obligation Gqn be measured reliably. Expenditure is accoJJnted for on an accruals basis and has boon claSsid under headings that aggregate all cost related lo the category. Where costs nn0t be directly attrIlted lo particular headings they have been allocated to activrties on a basis con51Stenl with the use of resources. Grants offer8d subject lo conditions which have not boen mel at the year end dale are noted as a ¢ommilment but not accnjed as expenditttre. Investment propgrty Investment propety is shown al mosl recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Slatemenl of FinancHI Aclivilies. Taxatlon The charity is exempt from tax on its charitsble actNitie8. Fund aceountlng Unrestricted funds can bo used in ac¢ordan¢8 with the oharftable objectives at the dlsGreUon of the trusiees. Restricted funds only be used for particular restricted purposes within the objects of the charity. Restrictions arlse when specrfied by th& donor or when lunds are raised for particular restrthd purposes. Furth8r explanation of thè nature and purpose of each fund is included in the notes to the financial statements. Pag8 10 continued...
The Cllthoroè Royal GrMar School Foundatlon Notes to the Financial Statements- continued for the Yw Ended 31 August 2025 INVESTMENT INCOME 31.8.25 31.8.24 Rents received Investment income Deposit accounl interest 22,786 174,871 6,061 21,254 173,789 3,596 203,718 198,639 RAISING FUNOS Invostment manag8mont Gosts 31.8.25 31.8.24 Portfolio management fees Pmperty repairs Legal and professional f$ Rates and water Insurance Light and heat Securlty 20,160 3.742 7,354 2,192 4.265 395 6.404 19,234 6,950 5.146 1.712 1.293 205 6,837 44.512 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or benefits for the year ended 31 August 2025. There were no tru$lees' remuneration for the year ended 31 August 2024. Two TryteeS were taken for a meal by JM Finn, the company managing the charity's investment portfolio. Athough the actual cost benefit of the meal is not known. each Trustee don8t6d £40 to thè charity to negate any personal gain they may have received from the meal. Tru$toes' exponses There were no trustees, expenses paid nor reimbursed for the year ended 31 August 2025. There were no tru$lees' expens6s paid rmjr reimbursed for the year ended 31 August 2024. COMPARATIVES FOR THE STATEMENT OF FINANCJAL ACTIVITIES Unrestricted Endowment fund fund Total nds INCOME AND ENDOWMENTS FROM Donatn5 and legacies 4,485 4,485 Investment income Other income 198,639 208 198.639 208 Totsl 203.332 203.332 EXPENDITURE ON Raising funds 23,393 17,984 41,377 Pag611 continued...
The Clitheroe Royal Grammar School Foundatlon Notes to the Financial sLements . continued for the Year Ended 31 August 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- Gonlinued Unreslricled Endowment fund Total fvnds Charitable acllviti•s Grant Making 8T,0) 87,0 Other 4.883 4,883 Totsl 115,366 17,984 133,350 Nel gains on investm6nts 31.134 447,851 478,985 NET INCOME 119,100 429,867 548,967 RECONCILIATION OF FUNDS Total funds brought forward 802.403 5,379.976 5,982,379 TOTAL FUNDS CARRIED FORWARD 721.503 5,809 843 6.531,346 FLXED ASSEf INVESThIENTS Listed inveshments MARKET VALUE Al 1 September 2024 Revaluations 5.553,055 329,183 At 31 August 2025 5,882.238 NET BOOK VALUE At 31 Augusl 2025 5.882,238 At 31 August 2024 5,553,055 Page 12 continued...
Tho Clltheroe Royal Grammar Sch¢K>I Foundation Notès to the Financial Statements - continued for tho Y•ar Ended 31 August 2025 FIXED ASSET INVESTMENTS- continued 31.8.25 Market Value 31.8.24 Market Value ASSEf TYPE Fixod Interest UK Bonds Over$ea$ BorKIs Equitigs & Funds UK North America Europe Asla Ex Japan Global Global Themed Emerging Markets Alternatlve8 Cash Accrued Inl•re8t 1.231,833 1.288.191 1,929,540 412,683 556.609 385.820 625.935 219.600 74,850 410,654 28,793 5.921 1,865.098 386,595 516.053 371.339 577,675 165,600 68,700 341,359 20,579 Total 5,882 238 5,553 055 Pag8 13 continLred...
The Clltheroe Royal Grammar Sch(•ol Foundatlon Notes to tho Flnanclal Statomonts - continued for the Year Ended 31 August 2025 INVESTMENT PROPERTY FAIR VALUE At 1 September 2024 and 31 August 2025 617.737 BOOK VALUE Al 31 August 2025 617,737 Al 31 August 2024 617.737 Investment proporty comprises of land and building5 at Highmoor Farm valued ty the trustees in FebDJary 2018 on transfer to the charitable incorporated organisatlon plus improvement expenditure incurred Sin tol811ing £395,855 plus 2 Highmaor Park at cost in March 2019 of £221.883. The trustees are satisfied that the current falr value is not materially dlfferent from the value induded In the accounts. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.25 31.8.24 Trade debtors VAT 6,618 113 7.520 107 6.731 7.627 CREDITORS: AMOLIKfs FALLING DUE WITHIN ONE YEAR 31.8.25 31.8.24 Trade creditors Other credFtors 623 2.705 821 3,388 4,oog 10. MOVEMENT IN FUNDS Net movemént in funds At 31.8.25 Al 1.9.24 UnrestriGted funds General fund 721,503 20.436 741.939 Endowmènt funds Endowment 5.809,843 307,787 6,117,630 TOTAL FUNDS 328.223 6.859.569 Page 14 continued...
Tho Clithoroo Royal Grammar School Foundatlon Notos to the Financlal Statements - Gontinu•d for th• Year Ended 31 August 2025 10. MOVEMENT IN FUNDS- ¢ontlnued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses vement in funds Unrgstri¢tod funds General fund 209,378 1211.649) T2,707 20,436 Endowmont fitnd• Endowment (18,850) 326,637 307,787 TOTAL FUNDS 209,378 230,499) 349,344 328,223 Comparntives for mov•mont in fund$ Nel movement in funds At 31.8.24 At 1.923 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 Comparative nel movement in funds, included in the above are as follows: Incomlng Resources Tesources expended Galns and losses Movement in fund$ UnrestriGtsd funds General fund 203,332 {115,3661 31,134 119,100 Endowment fund• Endowment (17,984) 447,851 429,867 TOTAL FUNDS 203,332 133 350) 478,985 548,967 Page 15 contlnued...
Tho Clltheroe Royal Grnmmar School Foundatlon Notu to th• FinanGlal Stat¢m•nts - contlnu¢d for the Year End•d 31 August 2025 10. MOVEMENT IN FUNDS- continued A current year 12 months and prlc* year 12 months combined position is as follows.. Net movement in funds At 31.8.25 At 1.9.23 UTrroStriGted funds General fund 602,403 139,536 741,939 Endowment funds Endowment 5,379,976 737,654 6,117.630 TOTAL FUNOS 5.982,379 877.19) 6,859.569 A current year 12 monlhs and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses MoveFnent in funds Unrestrictsd funds General fund 412.710 (327.0151 53,841 139,536 Endowment funds Endowment {36,8341 774,488 737,654 TOTAL FUNDS 412,710 1363.8491 828,329 877,19) 11. RELATED PARTY DISCLOSURES There have been Grant Donation transactions lo the related thrd paty Clitheroe Royal Grammar Schcrf)I for the year ended 31 August 2025. Both Granls to Instltulions £125,474 and £2 943 of the Grants lo Individuals were tranSferd to Clilheroe Royal Grammar School. The reminder £53.660 of the Grants to Individuals were made directly lo either students or their parenls. A further breakdown of these figures is prOVed in paragraph 5.2 of the TfUStee8 Annual Report. 12. FLrruRE EXPENDrruRE though not considered to be Designated Funds by Ihe Truslees a maximum amount of £210.IJXI has been agreed in principal to be expended over the cx)ming years with regards lo a kitchen and canteen development project al the secondary school site. £30,453 was donated to the schod In the cuffent financial year, leavlng a potential £179,547 in funding foi future stsges of the project. The tlme frarnes and total expenditure of the project are unknown qUantles, which is why they have not been SpecifallY designated in the accounts. Page 16
Th• Clith•ro* Royal Grammar 8¢hool Foundation Detail8d Statement of Financial Activities for the Y•ar Endad 31 August 2025 31.8.25 31.8.24 INCOME AND ENDOWMEpirs Donatlons and 10gacies Donations 5.445 4,485 Investment in¢ome Rents ceIVed Investment income Deposit Count interest 22,786 174.871 6,061 21.254 173.789 3,596 203,718 198,639 Other In¢omo Wayleave 215 208 Total In¢oming rmour 209,378 203,332 EXPENDrruRE Investment manag•rn•nt costs Portfolio management fees Property repairs Legal and professional fees Rates and water Insurance Light and heat Security 20,160 3,742 7,354 2,192 4,265 395 6,404 19,234 6,950 5,146 1.712 1.293 205 6.837 44,512 41.377 Charltablo actlvitlès Grants to institutions Gran15 to individuals 125,474 45.975 41,115 182,077 87.0 Support costs Management Sundries 307 Govornanc• costs Irtdependenl examiners fee Insurance Clerk Services 1,320 795 1.488 935 2,694 3.603 4.829 Total resources expeJK1ed 230,499 133,350 Net1oxpenditure)fincome boforg galns and losses (21,121) 69,982 Thls page does not form part of the statulory ffinanclal ststements Page 17
Tho Clitheroo Royal Grammar School Foundation Dètailed Statwnent of Fin•)cial ActlvitiOS for th• Year Endod 31 August 2025 31.8.25 31.8.24 Realised recognised gains and lo$sès Realised gainsl(losses} on investments 349,344 478,985 Net income 328,223 548,967 This page does not form part of the statutory financtal slalements Page 18