Charfty rnglstration number 121J2002 Company r¢glstratlon numbèr 14111232 (England and Wales) PATE'S GRAMMAR SCHOOL FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
PATE'S GRAMMAR SCHOOL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Mr G Brndsha MrWAstham Mr J Clarko MrBMay Mrc Boutton Mr P Udale Mr M HoN4ood Mr M Tum8r {Appointed 12 O¢tober 2023) (Appointed 21 Nmber 20241 (Appolnted 21 November 20241 Mrs S Wade Charlty number Company number 1202002 14111232 Richard Pat• School S•nlor L•ad•rnhip Team Mr R Kqacdonad MTS L Cox Mr P Lowe Mis$ K Wast Mts J Mlllgr-H¢)well Headmaster Bursar & Clerk to the Trustees Deputy Head Head of Prop Sgnbr Ml$trg$$ (Deputy Hg•J & DSL from 1 SgptWnr 20231 Head of EYFS. Nursery Manager & DSL Assistant Head of Prgp MTS P Hunte Mrs R Norri8 Rgghlorgd 0ffl¢o Pate's Grammar Schcol Foundation Southern Road Chellenham Unrt Kingdom GL53 9RP Audltor AzetsAudit SeNKes Epsilon House The Square Gloucester 8usin88s P C4oucester Gloucestershire Unfted Kingdom GL3 4AD B•nk•r4 Bardays Bank Pk Brrtannla Warehouse Glouogstsr Gloucestèrshire United Kird¢Th GL12EH
PATE'S GRAMMAR SCHOOL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Sollcltor8 VWV LLP PO Box 3501 Brist BS2 2FL
PATE'S GRAMMAR SCHOOL FOUNDATION CONTENTS Pag• Truste8s' r•p4Xt Independent audilo¢s pOrt Statement of financial adtvit*s 14-1S Balan sheet 16 Stslement of cash 17 N¢)te$ to the finanGi81 stateents 18-37
PATE'S GRAMMAR SCHOOL FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present thelr8nnu81 report aThJ finanogl stotsments for the year ended 31 August 2024. The finanual statem8nts have been prepared in a¢¢tsrdn¢ with the a¢utIng polde$ set out in note I lo the finan¢K81 stalemenls and comply with the charitabl8 compan3 goV1n9 document Iho Companies A¢i 2¢J)6 and "Accounting and Repong by Charitle$'. Ststèment of Recornmended Practice app1Kab to eharitiès pr8p8rin9 their aGcounts in accordance with the Fin8nual Reporting Slandard appllcable In the UK and RtrpukA of Ireland IFRS 1021- leffectNe 1 January 2019). Foi the purpos0$ of this report, 'Th8 Chariw means Pale's Grammar Scho FOundatn as a whole and'The Foundation- means acliw.lies other than The Richard Pate School. The original Charity was founded in 1574 and Is reglslered vAlh the Charfty Commls$ion under charity number 1202002-1 Iprevlousty 3117071. On 1 Seplember 2023 all unencumbered assets were transforrgd to Ihe new inrpOrated tharity. P819's Grammar School Foundation urKler thafty nurnber 12021Y)2, incorporated as company lknited by guarantee in England. company number 14111232. The Tru81ees. Ex88 Officer¥ 8nd prinapal address of the Charity and partlc(lars of thg CharfV5 profosskjnal advisors are given on the Legoland Adrninistrative InfomialiDn page. AudKod prfor year acc4Junt5 10 31 August 2023 for th¥ rniginal thority Inumbgr 12022-1 pOuS 31170n are ovailable from the Clerk to the Trustees tsf Pate'8 Gyammar S¢htr)l Fwndallon, The FChard Pate Sthool. sJ(heM Road. Cheltenhfjm. GL53 9RP. Obleclfvm and actlvltl•• chaiitab Ob. ctives The alms and oblectives of the Chty ntinue unthanged as the adrnent of educallon and Ihg provts1 of enh8n¢ed academi¢, r)Jrricular and 01her opportunilie5 to the p4iils of The Rithard Pale School and Pate's Grammar Schod. In setling obJ'edNes #nd pL4nnlng a¢tMti•s Ihe Trustees have grn careffijl c4>nslderaknn to the Charity Commission's general guidan¢• on Put41c Benefit. Th$ bon8fi(ao1igs ofthe Charfly are.. Pats's Grammar Sthod. a stale fvThJedAcaderny" The Richard Pate S¢hod. a wholty ovmed Independent School: Persons under the age of 25 who ore or have attended. as pupils. one or both of the S¢hoo18 and are In need offinanThal assistan¢e for Iho furth8fance of thr 8ducaUon'. and In tha ovent funds are not required by th• abo purpos¢$. Pal8's Hous• Charty.
PATE'S GRAMMAR SCHOOL FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Pat&$ Grammar School Under ils Charrtab19 Scheme. th8 Charfly may prode the Sthool wtth ¢ertaln land and buildings. and grant funding for special benefits whth are nd nomalty provided by Govemmenl lunding. Ac)rdlngty the Chartty provhjas thg sit8 and some bulldlngs of Pate's Grammar Sd)ool (an Academy} and, in the yèar in question, has paid granl funding lo the Grammar S¢hod of £300k lacuued for in pOu$ years accounts twl pald In 1hl$ year). The fundlr ¥upport is lo promde assistance to the following 018menls of tha Schoofs prow$ion.' Outdoor Education Combined Cadet Force Saturday StM)rt Musi¢ Performan$ Dr8ma Perfornan Pastoral support Counselling Art Exhibibons Oxbridgg & Russell Group University and Medlcal Schod support Support (exam preparatK•nl le$$ons for sludenls Exlr+CuJTicular transport W5ts Dthb"ng and public sakn"n9 LSbrary support Infomation and guidance ses$tons fom stints Careers advice and support Shaping Fulwes & Acce55 for disthantaged pup&l$ In the year In quesuon the Foundauon continLd to provide an addf(ion81 buikling to Pate's Grammar School in the fomi of the Foundation office. whi¢h 1$ beiig us¢d a$ Ihe Archive and Devebpmenl office and Teaching Sthool. Thi$ gnoblg8 tho Sthool lo Ta addlilonal funllng through it8 ahjmni and 4180 operate Teathing Sched. The prow8lon of the slle and finandal SUPPCAt enables the Govemors lo offer a broad cuffieuium. a wide rangè of eXtrJrrl¢lJlar activities and cther bentrts not nomally fiJrKl8d by State prow$ion. Three TN81ees of the Foundation are also Member8 of Pate's Grammar s¢h1 {Compary Lined by Guarantee}. The Riehard Pale Sclmiol Tho Richard Pat8 Scool is a f8&paying indèpgndgnl s¢hod. The charit5 objective with regards to th8 School ' to prowde a firnl class rounded educalK)n. Any sU8 generated by the Rlchard Pate Schocl forms part of the fund$ of the Chadty and therefore Is for t furtherance ol its charitable objectives. At the Rkhard Patt School. finandal 8UPPOrt of £18,512 woMded a 1CIYA bursary for 1 pupil. Sharing sports facilities is li¥nited by th8 poor dra6rrage of the lurf pitches and the plannlng eons8nt wthith limits th8 use of the flood lights bery no lalerthan 6.Ll)pm. Cuffont oroxwits ofono orboth offh• Schools Thg Charfty also promotes the educalK)n of porsons under thè age of 25 wh) are or have attèndèd, as pupils. one or t¥)th of the S¢hool$ and are Sn need of fin8n481 a56iStance. This assistanc 15 promded via scholarships, exh1b.on8, bursarlès, malnlenance allowances anil grants, enabling these young people to pursue theiT education, und¥rtake travel or propar• to undertake a profession, trade or s97. In Ihg y9ar urKler wew. 3 pupils and fomiw pup118 have beneffted from grant support tolalling £5k Caprtd assistance to beneficiary Sthools The need for capilal a5SiStance al the School$ is dealt wnh by Ihe approval of blds madè to the Foundatlon. typicaly on a prolect by project basls. In the last 30 years {since 1994) £3.94m has been donJted frtrr ¢api181 projects and £4.42m revenue support at Pate's Grammar School la totsl of £8.36Sm}. And, 0r a 8lmlar wlod the Rlclwd Pate Sthool has r8ceNod n8t capital and revènuè support of £0.140m.
PATE'S GRAMM.AR SCHOOL FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGusf2024 In this financial ar, thg Foundation incurred capital expenditLwe of £75k12023.' £22k) atThe Rithard Pale Sdv)ol. Fundrwxing The School operates fundraising adivthes it5ell or sometimes publici5es tharitable NItIeS of the Schoc4's PTA. Parents and pupils are encouraged lo lake part but it is purely vduntary and no pressure is ever pul on any membor ol the eommunity to parbeApate. As such the Charity foll(pws the relevant fundraisiNJ Standards as set out by the Fundraislng Regu01. Th8 Sch¢)ol has not r9Cgfv9d any wnplaints about rts fvndrai&ng actIt$. The S¢h¢)ol ts satisfitd Ihol il doe$ not 9¢? any undu8 prnssur• on ils puFil$, $laff. p8r•nlal ¢ommunity or vulnorablè individuals to n1r11xrte to fundralslng tltIeS. The Sehool had a number of ¢harflablÈ ln11kqves durfng the year lundral8lng É3.010 and Man food donalons. The following tharities were supp)rted during Ihe year Chelienham Community ProJt Chelienham Opon Door Trussell Trust Food Bank Astel hou$9 St Faiths Little Princess Trust Gloucestershife Mdlfe Sue Ryder Str•t•glc r•port Tho description under the headin9s"Achievements and perfomiance" and"Financial rwi8vf meet Ihe company law requwements forthe Trustees lo pre¥ent a r8tegiG reIrt. A¢hlgvwngnts •nd perfom¥n¢• Th& Foutmlation eonlinues to devote itself suCSfUlty aThl eX¥y to ils three prinrypal charitable objective& We $•¥k lo pmide $t•bilty lo ths operating environmonl$ Ctf both Sthool$, to aww thtr oxp8rien¢&d profs$ional managemènt wo¥Aded by the Headmasters and Ihelr senlor te8 to delrver excellence In educatlonal prow850n. The academic, sporting and cuttural achievements al both Schools conllnue lo demonstrate what can be achleved where 8tandard8 are demanding and expectalN)ns high. Ttustges continu8 lo target support lo indNiduals in need, and lo expand outreach support. The Foundation oims to Opgrale gs effiwntty 06 po6slAo in ordgrlo maximise grants to its ben8fi¢iaries. Pro The FOdatiOn continues to wovhJ¢ use of the Foundathon Office lo Pate's Grammar Sthool who use it as Ihdr D6velopmenl Office. This is a resou[ that 18 used for fundraisi. archive and teaching 3clKNJI act1w18. This 18 k) line with the Foundathon'$ objecllve stsled last year lo ¢ontinue lo support the Grammw Sd)ool in wy way to malntaln rts P051tJn as a high performing schwl in an eNronrnenl of restriced bLbJgel8. At the Rithard Pale School capital expenditure was in(yJrred on upgrading the schwl'¥ lloodlighls to LEDS. roof works and repair and rnainlenanc8 lo the bulding. Tha Foundation contInL$ lo work wtth bo1h schools to undwstand Ih8lr $lrate9tc dgVglopm9nt plans $0 that fuluTg fvnding may be plann•d (and accJJmlat•dl for larger scale eapbtal proi8c¢$.
PATE'S GRAMMAR SCHOOL FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) {CONTINUED) FOR THE YEAR EAIDED 31 AUGUST2024 Revonug su rttoPa 's Granmar S¢hwl A commitment lo revenue support lo Pale's Grammar Schod la81 academic year. and pa in this a¢adpmic year has enabled the Foundation to gnhan¢è Ihe Sthool's qducational environment. Despiie the significant pressur88 on Pate's Grammar School. GCSE and A-Le¥el results ntINe lo be exc8118nl. putting the School arrongsl the lop ranked state schools In the county. During th year in question. Iho Sthool was inspected by Ofsled for 1he flr8t Ilme in 11 years and wore fvdged OutstaTh34ig In all areas. ration and P&rtom)ance of the rd P Scho The Flthard Pal8 Sthool o)ntinues to perform well. The lo¢al market is increa8lngty CompetVe conlinued changes to 10¢81 cornpelitors over the last 12 morths. Pupil nurnbgT5 at the stsrt of the year were IThv8r th budgeted bul Increased throughout the year. Fin8nckg1 performanc• this y8ar is significanlty below initial expotstion due rnain lo $laffing Sts. in particular thè n88d for supply cover through the year. In addrtion the Scho)l invèsted in enhancèd IT support as it cAJmmene•d o project to improve th• Schook IT network Security. Legal wsts were aiso hlgh. pup OLrt¢omès o)ntwiue to be ex¢ellenl, both In acadern and eXtrTrICUlar areas. t)vring thè yèar in qUestn 4WA of Year 6 pupifs achlavad grammar school place5,' places were offered to all pu1$ appIng for Independent s¢hods. There were also a $+3ntkant nUMr of sporting and academic SCeSS9$ throughout the year. In JU 2024 tho S¢hool was inspecled by the Indépsndenl Schoc4's Inspe¢torats under Ihe new inspect fiamework for whith the S¢hool rèt£ived a vary po$ilive report. This irtspection covered all of the operations of thg Sthool from tga¢Nng and Itaming, sgfgguwdlng and health and Safrty. Trustees were dellghted ihe out¢om• of the inspe¢tion. Fe in¢r•ases were appl1 in the Tr)mi81 tsshbn al the start oflhe academ1¢ year (communicated lo parents by the end ofthe prevh)us Spring Temil. Th¢ School continued lo monitor ils ¢ash p0sOn. F99 lIeon was gcod. Fndation Mod8misation and In¢0 tion Tm5te8S Woro ddl9hled that the Foundalion mod9m1llon projed wa8 Mpleted and from 1 September 2023 the Foundation operat¢d •$ a compwby limited by guarants8. The Foundaloon Is fortunate to ha an interested and infomi•d group of Trustees who ve wlllngty of Iholr tlY*. I want to thank them all fortheir commltment and eonlribLrtions. Th8 Trustees had medngs thjng the year (which induded a slratogy day). Th•r& aré t4¥0 pennanent ¢tsmmittees'. thgAudlt Commhtee which meets al least biannualty to review finanaal and risk poliuos and considers the accounts in detad, and th¢ Rithard Pata committ whi¢h fve times and governs The Rhard Pale School. During the yogr Ihe Trustees have monitored the financoal posllion of both S¢hool8. remeyd ReguL410ry Complianc8, including health, safety and and safeguarding. Trustees ¢onllnu8 lo conskler carefuty the charis publi¢ benefft with carefijl consideration of Ihe tharilable obj8ds undèrwhith they operate.
PATE'S GRAMMAR SCHOOL FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Fin#ncial r•vi•w Thè a¢¢ounls report a decrease in overall funds of£70.94612023.' irKfeaso of £179.941). In the year lo 31 August 2024, thfy Rid)ard Pate School madè o revénue deficit of £94.92012023: £123.011 delkW. Capital expenditure totalling £74.76412023.' £21,831) was also inujrrod. In total £300k of revenue $uppNt wa5 thjnated to Patg's Grammar SL*ool durfng thè ar in questbjn. A commitnnI for the f¢llowing year of É300k was made on 3 OCtor 2024 Iposbyear endl. Thè Rè¥trictèd Funds dedated to tha prOvisn of awards IrKreased by È8.061 12023.. dacrease £46.521). aftor an incrèase in capfftal value of £5.99912023'. increase £1,774). The Charity generated an unr8strict8d d8ffieit of £79.(X)7 <2023". surplus of £228,462). After funding of the two sthools, the unrestricted reserves of the Charity d8cffj¥sed by £79,00712023: inryeasod by £228.462) The balance Sheet sh$ Net Current Assets of £1.176.362 comparod Wblh Net Current A8set3 of £734.167 in the provlous yaar. Investments and rformance Under the Trusl Dged. th9 Charty has Ihe power lo knwst in any way the Trustees wlsh s80t to the Trustse Act 2000. Th8 Twsle8s, having r¢gard to the liquKIty reqr8rnents of op8ralng thg Richaril Pate School, the réquirement to pay funds Committed lo Pate's Giammar Schod and to the r&s8tvgs polity, have OTated a policy of ensurng that fvnds arg reason8bty accessie. That said, during the year in quesllon funds wore held in treasury deposits in order to in¢rease interest income. Funds vthich are not required in the short term are Invostwj in Chaiinco and Charishare UK unit lo provlde a balan¢e of capital growth and investment in¢omo. inve3lmenls Iwd a net incr8ase of£S.999 P023'. in¢rease of £1.7741 (including unrealsed antl reallsed galn81 In thè year and achieved on income rotum of 3.5% {2023.' 3.5%).
PATE'S GRAM,MAR SCHOOL FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 The prinop81 obSectlve8 of Pat8,8 Grammar School FoundatKJn requlre the Trustee$ to sustain and support The Richard Pale Sthool, arKI provide land and bulldlngs and ffinancial $upptsrt lo Pale's Grammar Sthool over and at)ve that proiAded by Stste or Local Authority fundiny. The Foundation also sUPPOrts th• edUCatn of p&rson$ 19T the age of 25 who have attanded ether of the School& The Foundalion 1$ ¢ommitted lo support the maintenance of aiademic a1 •ducalional eX¢•len at both Sdwl$. The Trustegs plan expendlturo over a period of at leasl 5 years. 9ft9n with an accumLtlalon perl¢xJ ahèad of any large commitment towards Capital expendriure to one of tho ben8ficaary 8eh¢xJl$ albef( more recently the need has beon of 8 revenue support nature and therefore there has not been a signiknnt bulld up of capltal. At the end ofthis reporting period the charty held total funds of £4,276.908 whl¢h inCdeS reStrted funds of £66k12023". £58kl and funds that can onty be reallsed by disposing of tangible fixed assets of £3.366m12023= £3.518ml. AccorditvJly, 8fter making allowances for r•strid•d fund$ arvj tangible fued asyets the cMTity hokl$ u¢w¢th¢W, frge r08eNts of £845k12023.' £772kl. is the Foundation'8 pol lo malnlaln reserves al a level which wil ensure ntinuty of the tharis oporal)ns through moro dtffieutt trading trJndttsons. The Tnjstees have delemlned that to proled against short or medium term Ilu¢tuation$ in pupil numbers and exp8n8es. Iha eantral fw8s1 of minimuffl cash and other liquKI assgts (Iver Ihg ngxt 12 months 8hould be al leasl £570k. In Marth 2024 the Foundation introduc•d a Fees in Ath#nce Stheme for par•nls wishing to Poy Sth¢)ol Fee5 for fubjre years which 8¢oounts for Ihe Increase In cr8ditor8 amounts falling due Wbthin 1 year arHI falling duE after nb)re than one year. Al Oper*TraI costs for the Ridlard Pate Schod wgrg cover9d with Income genèrated by the RKhard Pate School. and ¢ash b8Jance3 are monitored on a monthty basis to ansurè that all expendTture is payable wilh hoallhy po$Ve a¥h balances al th8 month end. The level of ovgrall rnservos arg rgvigwed 8nNa1, and cash reseNe$ actual and forecast are reVievd by Trustees at every ordinary mseting. These revi inform all ojmmitinent deci$ions made.
PATE'S GRAFIIMAR SCHOOL FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Plans for perlods Govemance The Charity eonlinues to COn6id8r its tharttabl& tst48tas to 8nsur8 th81 they are approwlalely fdknw8d. The Scho¢As Both Schools both are moving fomard in particular preparlng strateglc plans for tho nexi 5 to 10 years. Trusloes hope lo ¢ontinue to provide flnan&al support to the Sch¢)018 where it adds r&01 value, in PartUlar Trustees ar¢ keen forthis to indude widening a¢¢ess, 4nd outrnach athib&s. Pales Grdmmarschool Pale's Grammar S¢hool is mowng forward wth ambitious plans to ensure that its finance8 main sustainable for the medium term. In addition. the Sch(N)I h88 undertaken a La)mprehensiv8 r8W8w of its admkssions policy for S8ptemb&r 2026. The Foundallon L% vary supportive of the prfndples of the proposad refom relating to enruraging mre students from the local arèa and those that are disadvantaged. Foundatlon hopes to continue to work vthh thè School to support its a¢vibe$, whllst weseNng the undarlwng prfnuples of the original Founder. Th8 Rth8rd Pate Scl For the current year, the Sch1 Is faced with g numb&r of chalenging hea(h¥fjnd$. Indudin9 thè inlrodudicn of VAT on S¢hod Fees from January 2025. removal of business rates rdlaf from April 2025 and the In(76ase In employer's national SuranCe from April 2025. This is in addlllon lo th& ro¢enl increas8 in 8mployets Tea¢hers' Pensk)n c4Jntributions. The ojrrerrt Head has also announced his retirem8nt after 19 yews of seNtee and therefore th8 Sch)ol will ha a new Head in post in Sgptember 21Y25. The Foundation is confidonl that the Sthool wiu ojnlinuo to Ihrfve deswte the hea(IwOnds and is delighted that thfs will be led by th& new Head whD impressed both staff and Trustees dn9 th• r8¢ruiiment proGess. The Foundalsgn is wothing hard lo ensurg that the SL*ool continuos lo roview ils finanrns to remaln sustainable for Iho Short medlum ark1 knng lenn. ond rwn•n$ commrtted to supporting the through th18 dIfficl transon. Trustees are committed lo maintainirrfJ the Sthool's high educational and pastor81 stsndards as refie¢ted In the June 2024 ISI Inspecti report. The asset whith is the School sit8 and buiklings ks of an a9& whlch means Ihat Iha Foundation expgcis lo continuè to soa an Incts888 in repair and rènew81 expendrtur8 in oftjer to preseNa this slgnificant assèt. B&n8fi1 As part ol the revlew of Govemanee Truylees will continue lo revivw and art19 MS ContritrIn to swety V•lth rgference lo the Charity Cornmls$lon8 guNlance on publc b&nefil. Strudurn. govem•n¢e and m•nagement vemin Documerrt The Charity is govemed by ItsArUd&8 OfAssoatt0n dated 17 Mty 2022 and #mènded on 31 August 2023.
PATE'S GRAMMAR SCHOOL FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT> (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 The Trustees. who ar• 8180 the dlfft(ors for the purpose of company law, and who served duriThJ thg y9ar and w lo the date of signature ofthe finanal statements were.. Mr G Bradshaw Mrs J Wlllams Mr WAscham MrJ Clarke MrBMay Mrs J Wnn Mrs H H¢)oper Mr C BolOn Mr P Udale Mr M HoNaJod Mr M Turner Mrs S Wade (Resign 11 January 20251 IResign8d 1 September2023) {R¢&grd 20 January 2025) {Appoinl8d 12 O¢tober 20231 (Appointed 21 Novomber 2024) (Appoknted 21 Novembgr20241 Trustee C 99$ The strudure of the Charity, wlh ils saparatè Trustee Committge for the Rithard Pate Sthool Is gxplalned below, logetherwNh Infomialion on the mèmbers of each Committee are appointed to office. &A cinlmenl The Charlty Trustees are oppolnted 48 follows.. 7 Nomi . Four appolnted by Corpus Christi Charity. Oxford. one by the l>)vernor5 of Pate's Grammar School, ttvo by Chemenham 8orou9h Counal. Each oppoinlment is mad8 ts a t8rm of fwr years aL)rdir@ to the Ordinary practice oftr)8 appointing body. . £TrUstees- Srx cwted Trustees are each appointed for a tsrm offour years by a rosotion of Trustees. inin ndln Twslees receNe a Comprehens pack of Infomiallon Conceming the Gurrenl 8nd hi8lorS¢ activit$ of the Foundation together with adCe and gUIdar appropriate for a Charity Truslge. Thg updated Induction Pollcy also requires them lo racaiva a Health & Safety and Safeguarding induction at the Richwd Patè Sch(MJl. togth•r with copies of Keepng Children Safe in Education and the Sthool's Safeguarding Policy. Trusloes ara nO¢d of wopriale tralnlng prowded by the profgsslonal organi8atJns the Foundation 1$ a member of. indudingAGBIS. TnJstee8 are also provÈded with infomial)n from relevant training attgnded by the Clerk. DeasKJn Ma Dedsknn8 are made by the Full F¢)undatk)n Board and a majority vote. d Pale School Comm The Trustees are lfjgafty responslbl8 for the overall management and conb))l of both Pate's Grammar School Foundation and Tho Rid)•rd Pate School. Thg RTthard Pale School CommNtee, ts)mposed of six Tw$tee8, undertakes the role of goveming body for the school and meets five times r year. Rgports from thal Commrttee are subs8quenty received by the fvll Found8tJn Tru8te&s who meet five Umes per year. The day to day wnning of tho Richard Pale School 15 delegatg(I lo the Headmaster. supported by the Senlor Leadership Team. The day to day runnitvj of the Foundation is d41ed to the Cbrk to Trustses. Both the H9Master and Ihe Cleth attend mgotlngs Of(* Committee.
PATE'S GRAMMAR SCHOOL FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Pa & MUneralKIn of the charf( '8 ke mana emenl sonn81 Pay and remuneralKJn for the Headmaster of thg Rid)ard Pg18 School and the Bursar and Clerk to the Trustees is set annlllY by agreemgnl ol the Trusteas in conjunction with the annual apprais81 process. Pay is sel with refence Its the Teath•rs Leadership pay $c8le and take3 into account industy recognise4J nmarking tnformation. Gowm8n¢e and Mana mènt The Tru$lee$ are rè8ponsible for the managemgnt of the risks faced by the Foundabon and the sch. Detailed nsiderations of risk ar8 del8gatod to th& H8atha$tsr and Clgth. Risks are identrfied. ass85S8d and contrcl$ established on an ongoing basis. The key contro]s used by the Charty It(KI•.. Formal agandas for all Commiita• and Board activity., Oetsikd lems of reference for the Sthool Committee., Straleglc planning, budgèting and management accounlwig; Established organi5alional stru¢auTe and bnes of reporting., Devebpmènt and impl8mentalion offomial pcliugs., Clear aulhorisation and approval levols., Regular reW of hearth and safety policy & Wdules. Regular rewew of saf¢guardiTVJ polw & prc6edure8'. Audit committ88 annual risk revth. Regular training., TnJ$lees wbth designated areas of responsljilty (such as H•alth & S81•ty, Safeguarding and Finance). Connoctod chaiitses The following are corfflectsd eharibes and organisallons wth whl¢h the Foundation Q>OFeTates in pursuit of its hartlabk oblethvgs.. Pate Charty, Corpus Chilsti Charity, Oxfor(I Pat,$ Grammar S¢htsol {Academy), Princess Elizabeth . Chott9nham, Gl)uceslgTshlre Pate House Charlty 16Alblon Slreel Chellenham. Gloucestershir Material tr8ns8Ctions th conn8ded charilias and nalure of the relationships are set out in R8lal8d Pa TransactJns note to the accounts.
PATE'S GRAMMAR SCHOOL FOUNDATION TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 stat•m•nt of Trusts. respon$lblllll•s The Tru$lee$, who arg also the directors of Pate's Grammar School Foundation for the purpose of Company kny. are responsible for prèparing the Trustees. Report and financial staternents In accordance with applicable law and Unitod KingdomAccountir Slandards (United lfjngdom GeneralyAccepted A¢¢ounling Practice). Company Law requlres the Trustees to prèpare financAal statamants for &¥¢h financial year whi¢h gfvg a Iwe and falr view of the stale ol affairs of the charttable c4Jmpany aThJ of the incomlng resour¢e$ and 4PF4i¢ation of resources, induding tha incom& and expenditure, of tho Gharilable company for that year. In preparing those flnancial stslements, the Trusteos gre requlred to: - sfjl8Ct sultable aowunthlg pc4ithe5 and then appty thèrn con6iStentty.' - observe the methods and principlas Charities SORP., - make judgements ond gstimales that are reasonatle aThJ prudent., and prep¥e Ihe finan¢i81 statements on the going eonc•m basi8 unless il is inapprcyrlale lo presurne that the harftablo company will Continue in operalion. The TTU8tees ar8 responst*le for keeping adequate ac£ounling Tecord$ that disdose with reasonabl8 accuracy at any time the financial posttlon of tha Chantab rnpany and enable them lo ensure that the finanrial st81ements ¢omply ¥th the Companies Ad 2006. They are also iesponsible fo¥ safeguarding th8 assgts of the tharitat48 Company and herbce for tsking re880nable steps for the prev¢ntSon and detedton of fraud and other irrtrgvlaritres. TheT ' report. inthding the $tr8tegi¢ reFQrt. was approvad by the Board ofTrus199S. Mr G Bradshaw Ch•lrnMn 19 May 2025 10-
PATE'S GRAMMAR SCHOOL FOUNDATION INDEPENDENT AUDITOR'S REPORT TOTHE TRUSTEES OF PATE'S GRAMMAR SCHOOL FOUNDATION Oplnlon We have audited Iho finan¢g1 statements ol Pate's Grammar S¢hool Foundation (the 'tharitablg o)mpany'l for Ihe year ended 31 Augusl 2024 whlth comprf8e the slalement of financial aclivrbes, thg balaneo shègt, the $lalernenl of cash flows and nol8s lo the finanaal statements. including 81gnrflcant accounting poli¢i08. The finanryal reporting framework that has been appld in their pr8paration 1$ awAi¢able law and Unit9d Kln9dom AcrAunting Standards, including Finan¢ral Reporttng &andard 102 The Finan1 R8poth'ng Stsndard aleBbI& tin th& UK and Republic of ireland (United Kingdom GeneralyAcc8ptgd AUnn9 Practte). In ow Oplon, the financiql $tstements'. glve a true and fair view of the Slate of the charltable companls affairs as at 31 August 2024 and of ts inmm9 resources and app¥catlon of fesources. lor the year th9n ended; havg been propedy prepared in awordanc8 wlth Kingdom Generalty Ac¢eptsd Actounlng Pr&tice'. and have baen pr•pard in accordance wrfh the rgqulrgments of the Companies Act 2008. Ba$ls for 4)pinion We conducted our audtt In a¢cordan¢e Mlh Intemalional Stsndard8 on Auditing (UK) IISAS {UK)l and applicabl8 law. Our r8sponsibiliti&s under those 5tamdaTds are further described in the Audrforfs r8sponslt)Illties for the audit of the fin8no81s18ttrments 8ectlon of our report. W& are independent of th8 charitablè ¢ompany in accordance with Ihe glhl¢al requirements that are relevant to our a(tdM of the financial slatemenls in Ihe UK Indudlng the FRC'S Ethical Standa. and we h8ve fLthn8d our olhar 8thi¢al reSponbIlitI.8S in aGrdanCe v•ilh these reqrementS. We balieve that th6 audK èvidence we have obtsined 1$ suffldent and appyopriate to yov¥Je * ba3 for wr opinion. Conclusiom relaling to going ¢on¢em In audiling the financAal statèm8nts, wa hav• conduded thal the TTUStees' use of the gc4ng wicem bo$18 of accounlng In th6 préparation of the finan¢ial 3laternents is appropriatè. Based on thè work we have perfomied, we have not idantifd any malefial unCertntiO$ relallng lo events or 0ndOn8 that, individualty or ccAleetS¥6ty. may cast signifi¢anl doubl on the charrtable company's 8bilty to lTrUe a8 a gn9 conc8m for a p•riod of at least morths from when Ihe firAnc401 slatgmonts aro authorised for issue. Ir reSpSibil$S and the r6sponstilili8s of thfj Trustees with respgct to goln9 corKem are descvibed in thg rg18vont 8ectlon8 of Ihl8 r8pJrt. Other Infornmtlon Tho olher infomwtion oJmpriwJ the information induded in the annual report other than the nancIal stat9m9n18 and our audttof$ report thereon. TN$tee$ are Tesponslble for the olher Information g)ntained within th& annual report. Our opinion on the flnanclal statements ijoes not cover th8 0th9f InformalKn and we do not expres$ any fomi of as5urartt condusion thereon. Our responsibilty is to read thè other infornation and, in dolng so, consider %thetheT the other information Is matgrfelly InnSISteI wlth the finanrjal ststemenls or our knthege obtsined In the COUTse of the audit or oth&wsè aPal$ to be materially mi$stsled. 11 we identify suth materigl in1Sten¢18S or apparènt matèrial misstslements, we arè requlred lo detennine whether this gives rise to a matérial misstst•ment in the financAal statemts th8$. W, based on tha work we havè perfornied. we o)ndude Ih8t there L8 a malerlal mLsstalemenl ofthis other irthalron, w8 ar8 requir8d to report that facL hav8 nothing to rnport In IIMS reyard. Matters on which * are requlr•d to rnport by ¢xP¢10n È have nothing lo report In fegpect of Ihe followlng mattpr8 In relation lo which the Ch8rille8 {Ac£ounts and Raports) RegLlalbJn$ 2CQ8 require us to rewt lo you If, In our opinion.. the informatKffi given kn the firw)aal staternents is inconsistent In any material respecl wth Ihfj Trust. report.. èr suffityent a¢xounting r8cords ha¥0 Th)t b8•n kept; or th8 finanual statsments are not in agreemenl wlth the accounting rerds. or we have not [Ned all the w)fomwtK)n and explanations w& require for our audiL 11
PATE'S GRAMMAR SCHOOL FOUNDATION INDEpENDEr AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PATE'S GRAMMAR SCHOOL FOUNDATION R•spoMlbllill•¥ of Trust••s As explainad more in the stalemenl of Trustees, resptsn8ibilitses. the Trustees, who are 8150 the directors of the chartiable ¢ompany for the purpose of company law. are responslblg for the preparalion of the fmancial slalements and for betng salisffied that they give a tnJ8 and falr Mew, and for such intemal control as the Trustees deterniine Is n8c8ssary lo enakAe the preparation ol finanLxal staternents that are free from material misstatement. whether due to fr8ud or error. In preparing th¥ finan¢ial stalernenls. Ihe Truste¥s are responsible for assgssing tha tharitable companYs ability to CAJnllnue as a going concern. disdosing. as 8ppllcable. matters related to going concern and using the going concam bass of accounting unless the Trusleos efthtr intend to liquidate the charitablè company or to e4ase Opera1hs. or have no reallsllc allematNe bul to do so. AudltoV• mpomibililios for th• audtt of th• financlal stst•monts Wg hav& b8en appointed as auditor under sfjdion 144 of the chari15 At# 2011 and report in acccdance with the Act and relevant reguLgtions mJe or having èffe¢ thereunder. Our objectwe8 are to obtain raasonablo as$urance aboLrt eth81 the financaal slatentS a$ a whcle am free fr material misststement, whether due to fraud or error, and lo Issu8 an audrtorfs report that indudos tsur opini1. Reascmable assLranGe Is a high ltrvel of assuranek trJt 18 not a guarantee that an audit cy)nducted in ar%ordance th ISAS (UK) wfll ahvays detect a material misstatèm&nt when it exists. Misslalements can arise from fraud or error and ar¢ Considered maierlal rf. individually oi in tho aggregate. they couj reasonably be expected to inOnC4 the economK docisions of users taken on thg ba5 ofthese finanoal ststoments. A further desL¥iPtion of our rosponsibilities is available on Ihg Financial R?portlng Councd's wgbsit& at-. https=Il ¥v.frC.org.Uj9ut0rSresp0nblllt8. This description forms part of our auditorfs report. Ext•nt to th1¢h the auditwas consld•r8d eap4bl• of d•tscting Irrogul•rld•s, In¢ludlng fraud Irr9gularities, indu¢Jing fraud, are in$tan¢e8 of n0CoMpliance with 18ws and reguL8tions. We design woc•dur•s in ling wlh our responsibilities, ouuinfjd abo¥e and on the Flnandal Rewting Counca's websitg. to detect material nlsstslements in respect of inegularilies. IndIng frud. We obtaln and update our underst8nding of the •ntity, its •¢tNithes, ts control 9nvlronmenl, and likety firture developments. indudiro In relalion lo the legal and re9ulat¢)ry framework applicable and how the entty is complying with that framewcrfk Based on this understandSng, we identify and assess the rfsks of Mateal mtsstalement ofthe financial statements. whether due lo fraud or error. design and perform audi( pro¢eduffjs responsive to those rfsks. aThJ obtsln audit emdènce that is sufvent aj appropiialè lo prowde a basis for our opknlon. This indud consideration oftho rk of acts by the entity that were contrary to appllcable laws and regulations. indudSng fraud. In response to the risk of irr99tlarft and non-compliance wlth laws and roguktions. including fro. dgned c¢edure5 whlch Induded.. Enquiry of man8gèment and those ChQd wFth govemance around actUo1 and potential liligalK)n and daims as well 9$ actual. suspecled and alleged fraud,. Revi9wing mlnutes of meeting5 of Ihosg ¢h41ged wih gov8man¢x" Assessing the oxterrt of wnplIa wth the laws and gUlationS conskIe to have a irect malwial ffe¢t on the financial statements or the operations ofthe gntity ttsough enquiry and inspecbon., Rwewing ffnanaal statement disdosures and testing to supporting documentatKJn to asse$$ eomplar wilh applicable laws and regulations., Perfomibng audit work ov¢r th risk of management bias and override ol o)ntro15. Induding tg8th'n9 01 joumal entries and ¢)ther adlusknents for appropriaten888, evaluatirw the business ralionole of signifirarrt tran5aclions outsid& the normal course of busln9$$ and reviewing arLounling eslSmate8 for indicator5 of potentio1 bias. Because of the inherent limitslions of an audit, th•ro 1$ a ri$k that we will not dglect all irregularilies, induding tho$9 loading lo a materlgl m18Statement in the finanaal statements or noTreomplian¢e wf(h regulatEon. This risk incr8as8s the mL¥è that cornpliance with a Law or UllOn 18 rerrNMd fr¢)m the @vents anij transact¢cffls refiected in the fingn¢i81 statements, as we wll be less likely to become awar• of in$tan¢es of non-complancg. The d$k of not detedng a malwlal misslaternenl resulliThJ from fraud Is higher than for one resutbng from error. as fraud may Invdve Collusion, foryery. intentional omissions, mi$reFYe6errtatTrons, or th& override of inlemal c¢xrtrol, 12-
PATE'S GRAMMAR SCHOOL FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PATE'S GRAMMAR SCHOOL FOUNDATION Othèr matter¥ Under the Companies Act 20Ck8. Ihe tharitablg company wa$ èxempt from audit for the period ended 31 August 21)23. As a wn8equence, the ffinanraal statements of the chawitable o)mpany for the period ended 31 August 2023 wer8 unaudited. On 1 September 2023 the ass¥ts. liolylib'•$ and operations of Pale's Gran)8r Schcol Foundalion thwity ltharrty number 121Y2CO2-11 were transferred Into the cknaritae company.. thè prindples of meryer accounting have been adopted to account for this transoctK)n. The dlrectors remaSn able to take advantage of the exempOn from audit availatle der se¢tion 477 of the Companres Ad 2006 for the pwiod ded 31 August 2024, howevw an audit ha5 1)9gn porfonned In ldanc¥ th the chariti.es Aca 2011. e of our report This report is made soldy to tha charty'$ tNste¢s, as a boty. in acGordan¢g with port 4 of the Charitie8 {Aceounts and Reports} Regulation$ 2008. Our 8udil work ha8 been undertaken so that we might slate to the tharrvs trusleas those matt¢rs we are rgqulred to stale to thern in an auditorfs report and for no other purp08è. To the fvllest extent pennitted by law. we do not 3Pt or a58ume responsibilrty lo anyone other than the charity and th? tharivs tru¥le¢$ 08 a ly, our ajItWOrt. for thi8 report. or forthe OFinions we have fom)ed. Aw hthF£ 23 May 2025 Az•ts Audit Service# Chart•r•d Aecountants Epsllon House The Square Gknuce$ter Bu$ings$ Park GIoLKestor GIoLKe8ler¥hiro Unhed Klngdom GL34AD Azels Authi SeMcè¥ is eligible for appointment as audkor of Ihe charitablg Company by ¥irtue of its eligibility for appointmanl a$ auditor of a coNwny under section 1212 oflh& Corr¥>anlesAct 20C6. 13-
PATE'S GRAMMAR SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2024 urrentflnancl#l yr The Richavd Found•llon Rejtricted Pte School Cho+ funds Total Totsl 2024 Z024 2024 2024 Nol•s Inco IL. Grants and donatrons rItae acti1$ Sthod fees Andllary trading Imiestments 10,000 418.392 428.392 396.624 3.376.217 82,512 19,155 3.376.217 82,512 45.020 3.119.234 129.848 18,130 23,803 Total InGomg 3,487.884 442.195 2,2 3.932,141 3,663.836 ndltum on: Charitable gctMlie$ 3,586,694 426,282 4.012,976 3,485, Net gainsl{lossas) on inv•$tmenl$ 11 3.890 5,999 9.889 1.774 N•1 {¢utyoingllincomkng rnsour¢•s b•fore transfers <94,9201 15,913 8,061 (70,9461 179.941 Gross transfers betsveen fund$ 94,920 (94.W201 N•t mov•mgnt In fund• (79,W7) 8,C61 (70.946) 179.941 Fund balanc$ at 1 September 2023 4.2,071 57.783 4.347,854 4,167,913 Fund balancos At 31 August 2024 4.211.084 85,B44 4,276,908 4.347,854 The 5tat8m•nt offinanaal a¢tivib•s includes all gav and b)ssos rery4nlsed In the year. All In¢*me and expenditure darl from continuing act The slalemenl of )Inancial act711e¥ al Complies WM) Ihe requlremènts for an inegm• and expenditure account uThJer the Compani8$ Act 21Xk3. 14-
PATE'S GRAMMAR SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Prlorfinan¢i&l y•ar Th• Richard Found•tion Rutslct•d P•te School Charfty nd* Total 2023 2023 2023 2023 Not•8 Grants and dOnaon8 Charitable S¢hool fees Anall8ry tradirvJ Investments 396,624 .624 3,119,234 129,846 7.354 3,119.234 129,848 18,130 7.379 3,397 Total In¢om• 3,258,436 404,003 3.397 3,863,836 Charitable actIties 3,379,447 106.222 3,485.089 N•t g•inslO0550sl on invaskngnts 11 1.774 1.774 Not (outyolngVln¢omlng rOUrceS before tran•forn {123.011) 297,781 5,171 179,941 Gross transfers betsyeen fund$ 123,011 171.3191 151,692) M•t mov•m•nt in fvnds {46,5211 179.941 Fund balances at 1 Seplefflber 2(122 4.C63.609 104.304 4,167,913 Fund balancè& at 31 August 2023 4,290.071 57.783 4,347,854 15-
PATE'S GRAMMAR SCHOOL FOUNDATION BALANCE SHEET ASAT31AUGusf2024 2024 2023 Flx•d *ets TangSble a66ets Investments 12 13 3,365,977 1.013 3.517.563 ,124 3.471.990 3.613.687 Currnnt I• Debtors Ca8h at bank and in harKI 14 1.240.640 2,103.857 675,917 1,253.717 3.344.297 1.929.634 Cr•dltor¥: •mwnl¥ hlliry du• wlthln on• y•ar 16 ,167,935) 11.195.46n Nèt current assats 1,176.362 734.167 Totrl a8$ets less current liablttl•s 4,648,352 4,347.854 CYedltor8: amounts falllng duè after morn th•n y•ar 1371.444) N•t u8•tJ 4.276,908 4,347.854 Incorno fund¥ R08tr1&èd funds Unrestrlcted Fund8 22 23 65.844 4,211.064 57.783 4,290,071 4,276,908 4.347.854 The company is entitl8d lo the ex&mplK)n from th• audit requirement containod In $8¢Uon 477 of the Compani8sA 2(. for the year ended 31 August 2024. although an audlt has been carrted oul und¥r s•¢lion 144 oflhe Charibes Ad2011. The dlrectors a¢kthYladg8 ihèir reBponsbilities for COM9 with the requlrements of the Companlfj$ Ad 20C6 with r¢$po¢t lo accounting records and Iho preparatlon of fin8nrAal statèments. The members ha not required the wmpany to obtsin an audit of its financ#al statements under the requlremgnl$ of the Companles Act 20¢, fo( thè year in quèstion in accordancg with se¢tlon 476. Thefi 19 May 2025 81 statements w&re apwoved by the TrustO85 on ......................... Mr G Bradshaw Company r•glslrntlon numb•r 14111232
PATE'S GRAMMAR SCHOOL FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGusf2024 2024 2023 Ci¥h Ilow• from op•rntlng athltle• Cash gwratod from operations 879.8B4 89,284 Invtstlng actlvldg8 Purd)a8e of tangible fixed as6ets Inveslmenl income received (T4,764} 45,020 121,831) 18.130 N•t cash us•d In In¥Mtlng •¢tiviti¢• 129,744) 13,701} N•t Gash us•d In flnan¢ing ctlvltl•s N•t Incrnaso In ca8h and cuh •qulv•hnts 849,940 85,583 Cash and cash gquivalents at beglnning of year 1.253.717 1,168,134 Ca•h and •h equivalents at •nd oly••r 2,103,857 1.253,717 17-
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 Ac¢ountlng pollcles Charity informallon P81è'$ Grammar Sd1 FoLmdatlon Is a prwale compgny Ilmltod by guarantee in¢orporatgd in England and Wales. The address of 11$ register&J office i¥ Pat8.$ Gr•nm8r School FOunda1n, Southem Road. Chemenham. United Kin9dtsm. GL53 9RP. 1.1 Accountlng ¢onvonllon The financAal statements have been prepared in afxordancè with the charftable compan5 gov8miNJ docaJm•nt. Companies Act 2006 and 'Ac¢cnting and Reporting by Charities: Statem&nl of Recommentled Pra¢b"¢a appluble to charities preparing their accounts in accordance wrth th8 Financ Reporting Standard applicable In the UK and ReputAic of Ireland {FRS 1021 leffechve 1 January 2019)" The charItae company is a Publ Banfft Entity as definad by FRS 1Q. The financial slal8ments are prepared in slerfing, which 1$ the functional wrrency of the tharhable company. Monetary amounts in these financial $tlemenis ar8 rounded to the nearest £. The financa81 $tslements have been pr&pared under the hlslorfcal cost eonvention. modrfied to indude certaln financlal instrurnents al fair val. The prinopal ac£ounling Pol•$ adopted are sel out b8fow. 18-
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A¢¢ountlng poll¢lgs IContlnued} Meryer ac¢ountlng The financial slalgments represent the cunbld finand81 posfth)n of Pale's Grnmmar S¢hoo1 Foundation (Company R•gi$lration Number 14111232 and Chaiity Numbèr 1202002) aThJ P810'8 Gramrnar School Foundation, a linked ch811ty (Charity Number 1202002-1}. On I September 2023 the ass8ts, liabdilies ¥nd operalNJns of Palg's Grammar Sthool Foundalion ¢h8rity were tran8fèrred into Pate's Grgmmar Sthool Foundation Charitab Ix>mp8ny. In accordance wth the SORP, as the conditions of this reconstruction b8iThJ treated os a merger weré rnet. the princwile$ of meiger acco9 have been adopted lo account forlhis transactKn. Curr•nt R•portlng Perfod PGSF chthrity PGSF CLG PGSF CLG Pre4krger Pr•-Pr Post41gry•r Totsl Total Income Total Exp8ThJiture Nel irOrne/(exP0nlIUre) Other gainsluosses) Nel movement in funds 3,932,141 4.012,976 {80.835) 9,889 170,946) 3,932.141 4.012.976 180,8351 (70,9481 Prevlous Reporting P•rlod PGSF ¢lwrity PGSF CLG Totsl Total Income Total Expenditure Nel Incomel{expendilure} Othar galn81110ssè8) Net movament In lund8 3,663.836 3.485.669 178.167 1.774 179.941 3.663.836 3.485,869 178,187 1.774 179.941 Total lunds brought forwaryl Total fund8 carrS•d for1 4,167.913 4,347.864 4,167.913 4,347,854 An*fyBis of NotAs8•ts atth• d•ts of M•ry•r PGSF Ch•rlty PGSF CLG Total NotA#s•ts 4,347,854 4.347.854 RyM¢nt•d ty.. Unrestr1d FurKI$ Restrkted Fund$ Totsl Fund8 4.290.071 57.783 4J47.854 4.290,071 57,783 4347.8S4 1.2 Golry con¢em At the timè of approwng the financAal stat8menl$, the Trustees have a reasonab expectation that tho ¢haritoNe cmpanY has adèquate resouwes lo ¢onllnue In operatnal existence for the foreseeabl8 ftrtur•. Thus the Trustses continue to adopt the goln9 0)ncem basi$ of 8ccountiNJ in ptsparing the ffinan¢i81 19-
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng poli¢l•s IContinu•dl 1J Chorftable funds Unrestricted funds We 8vaS18blg for use at dlscretlon of the TNslee$ in further&Ke of thèir charilat4e 9¢Uves. Restricted funds are suble¢t to SFrfrfic o)ndilion8 by donors a8 to how they may be used. Thè purposÈy and use$ of tho restrN#e(I fun¢Js aw Get out in Ihe notes to the financial statements. 1A Ineomlng Y•sour¢ Irme is iecognlsed when the charitable company 1$ l¢galty fjnllled to tt after Y rérfomiartt Cor((K)n$ have been mel. the amounts can be measufod rellabty, and it Is pfobaNe that ineomè wil be rèceived. F r•¢olv•blo Fees receable are accounted for in Ihe period in wlyth income is due. Fees rowvable are stated after deilu¢ting allowances, scholahlpS and other rernission5 granted by the Schc<l. Fees reGeNed for 8CatIon to be probided in ffiJture Yea carried forward as deferred inme. Cash donations are recOls9d on rece1. Other donations 8ra r8cognisgd on¢0 the charrtabl& company has been nolifjed of the donalion. unles$ p•rfom)anc• ¢ondrfion$ wuire deferraj ol the amount. Inccffi8 tax recoverable in relation to donath)ns recglved under Glft or deeds of covenant is rècognised al the lime of th8 donalion. Donatn$ and grants recgwd for the general purposes of the School are ¢yedited to unrestrioted funds. DonalK)n$ and grants subject to sperAfic wishes ol tho donors ar8 carried to rèlevant r8strtct8d fu1$. in kbnd ar6 valuèd al estimated open market value al the date of gfft. in the se of assets for retenon or consumption. or at the 16 to the SGknI in cose of donated So95 or faclilies. Income from govemment and othor grants. is reL¥Jgnisod wh8n the chanty ha$ t¢MOnt to fund4 any perfomance condTlions attached lo the grants have been mel. (( is PrObae that the income wil be receNed and the amount can be measwed rfjliabty. 1.5 Resour¢•# èxpondod Expenditure is iecognised once there 18 a legal or con8lruc¥ve oblalon to Iransfw eo)nomic benefft to thlrd paty, M Is probable lIt a transfèr ol eCt¢)m benefts will be required in settlement, and Ihe amount of the obligation can be measured reliabty. Expenditure is all0ed to expèns8 h8ading either on a dir8ct cost basis, or apportioned according lo time Snt E¥peThJiiure Is dassffled by advty. The costs of each activity are made up of the totsl of dlrect costs and shared costs. ineluding Supp ¢o$ts involvfjd in undortaknng oath activity. Direct costs attsibulabkn to a single octNity are allocated diTe¢lty lo that activlty. Shared ¢osls which contribute to more than one activty and suppori costs which are not attribUts0 to a singlg a¢tivity are apportioned betren those activities on a basls consislenl with the use of resources. centr staff ¢osls are lk)cated on the basis of tsmè spent, and depraaation Charges are alk)¢aled on the porlic¥) of the assel's use. Expendlturo The costs In¢Lbrr¢d in lh& g&n•ral ruMFng of Ihe Charsty have been included under Operating costs of the Found8tk)n Charity. Thesè are all those costs In¢urred by thè Chartty whh are not directty attributable lo the charItae objects oftho Charlty. .Th8 Irrecoverable element ofVAT is induded with the item of expense to which11 relate$. Grants awarded are expensèd As soon as they beeome legal or operaiional ¢ommSlm&nts. GmrnanrA costs conwri8è the costs of i>JmFtying wilh cifflstitutbjnal ond slatutory requSrements. Teachlng costs Suppli8s of gamgs gqLupmgnt. books, stallonory and sundry materials are written off wfian the expendilure is incurred. -20-
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A¢¢ountlng pollc (connUed1 1.6 Tangible fix•d ass•ts Tangible fixed a55ets aro inrbally measurad at cost and wbs•quenJy mea$ured al ¢osl Of valuation, nel of I(1tion and any irnpairment losses. Depreciation iy Tecognised so as to writ8 off Ihe cost or valuw)n of o$$ets1gss their residual values over their uselul live8 on the follon9 bases. Depreciation is ¢h8rged from the month of atrJuisilh)n. Freehokl land and buildiryy 2.5%- 1W stsaighl Iln¥ r annurn the ass8ts that 8re purchased by the FoundalFon on behall of Patg's Grammar S¢htr)18re fully vmitten off in the year of puthse. {see FixedA5set note for addonal comm•ntsl. 25% straight lino par annum 2A straight Ilne pw annum Equipment Motor h1¥S The gain or Ios$ arIng orb the dl8posal of an 888et is deternNned a8 the dffl•ren(t belween the sae FfCta8ds and ¢8rrying v8lue oftho 88set, and is recognised in the slatgmgnt offtsndal aLXMles. 1.7 Flx•d au81 Inv•¥tsn•nts Flxed assèt investment8 are inrbany measured at trafts8dn price excfudlng transac11on Costs, ond are subsequently measLKed at fair value at each reporttng date. Transaction costs are expensed as inwrred. Changes in fair value e reeogni%ed in othar M¢ognised gains and 1085es except lo the extent ihat a gwn reverses a loss prawously rwnised In net kncome expenditurè. or a loss exeeeds the acLumulaled g8ins r8cognis8d in équity., such gain$ and lo$$ are r•¢ogni6ed in net incomell&w8ndkure) for Ihg ygar. Chawes In fair valug are allocated to the apwopriale Fund accordlng to the'ovmership" of tha undiw assels. 1J knpaIrnnt of fixèd as••ts Al each reporting end date. th& thaiitable ¢onwY the carrying amounts of its tangible assets 10 delermlne whether there is any ilicatiOn that thosè assets have suffered an impairrr*nt bss. If any such indKation eSts, fv WratIo amount of the asset is 6$timatsd in order to d8terrrine the exlont of the impairnant loss lif any). Intsn9ible assets wth Indeflnite usefijl lives an¢J intangiblg assets nol yet aval18b for are te818d for Impaimenl annualty. an¢J Wt0¥erthere is #n indintion that tho 8SSet may imp8ired. 1.9 Cash •nd ¢a$h equlval•nts Cash and ca$h eqUNants in¢ludg ¢8sh in hand. depo8i18 held at call wrth banks. olher short-term IiquK investm8nts with original maturibes of Ihree month8 or less. and bank overdrafts. Bank ov8rdraft$ are sknyn within borrowings in eJJrrent liabl111. 1.10 Flnan¢l•l In¥ivum•nl• Financial instruments are recognis8(l in th8 th8ntable eompanY8 balance sheet when th• chaiitabl• ¢orfpany becomgs paty lo the contraclual provlslons of the instrument. Financial assets and liabllitles are offset. with the net amounts presenteil In the finaneJal statemènts, when ther¢ is a legally enfOrable fight lo sel off th8 rec>)gnised ¥nounts and the 18 an intention to stttt18 on a net bas68 orto reali88 the a88et aThJ 8etUe the liats'lity simullanoousty. B•si¢ fin•nelal ass•ts Basi¢ financial a38ets, vthth include debtors and cash and bank balan$, are Initlalty measured It Ir8ns8dion prlce Indudbng transaction rnsts are subse(w8ntty ¢arrled al amortlsed cost using the efffjde interest melhod unles5 the arrangement constltules 8 finanang Iransadion, whew tho transa(knn is measured at the vabjè tsf the future receipts discount at 4 market rate of interest. Financial assets d•ssified as receNable Mlhin one year are nol 0Sed. 21-
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs (coKriNUED) FOR THE YEAR ENDED 31 AUGUST 2024 A¢¢ounllng poll¢les IContlnu•d) Basi¢ fin•nelal Mablllfl•s 88sic ffinancial liabile$. Indn9 ¢rodltlX$ and bar loans are tnltlally r8cogni8ed al transaction price unle$8 the ariangement consliiules a finandng transaction, wher• th8 debt in$lrument is measured al the present value of the futurg paym8nts dis¢wnled at a market rate of InleMI. Flnancial Sabilitie5 dassified as payable within one year ar not amortised. Debt instruments aro sUbsequenY carrl8d al amNWsed c¥)gt, using the effective irrterg¥t rate mgthod. Trad8 creditors are obligation5 to p8y for wds or 8ervlce8 that have been aCqUid In the ordlnary course of operalrons from supplior5. Amounts payabla are classified as rajrront Ilabililias if payment is due within one yeai or less. If not. they are presented as n-¢UNent liabiliti'es. Trade ueditoTs are recognised inrtiaNy at tran6adion price and 5ubsequ9nlly measured al amorli8ed cost using the gff8(alve Interest method. D•re¢ognlUon of ffnan¢lalHabHIII•s Finana81 liabilities are der•¢ogriseil when Ihe th81itable companl$ ¢ontraciual obligalions expir• or arfj discharged or canlIed. 1.11 Taxatlon The Charity is exempt for tax on Income and gains falling thin secbon 505 of the Taxes Act 1988 or se¢tion 252 of the Taxatlon of Chargeat40 Gain8Act 1W2 to th& extent that these are applied lo tts ¢hori1obb obthects. 1.12 Employe• b•n•fft The costs of $hort-lem employee benefits a recognised as ¥ liabilty and an 8xp8ns•. unl8ss thos• are requirgd lo bg recogni8ed as part of the cosi of sto¢k or llxed ass&ls. Tha o)st of any unusèd hOdaY entiuement is TgnISed In the petrI in vthieh th• èmploy¢o's seNces are vad. Temination benefits are reoogni8ed immwjlalety 86 an expense when the tharltable panY is demonstrably commilt8d to tamnat* tlx •mF4oyThent of an gnwloyeg or to pwde terThMnalKJn benefi1&
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng poH¢l•s {Continuod 1.13 R•lir•m•Tht nofft$ The Rlthard Pale School contributes lo the Teathern. Pension Sceme fTPVI. This is a d•fin•d benefit sthmtr 8nd the ass8ls are hekl $¢paralety from those of Ihg Charfty. The TPS is an unfuTrJod schemè and cijnlributions are calpjlaled to Epread the cost of pensions ov•r employees. working liv¢s with the charitabl8 company in a way that thg pension ¢osl is a substanth'glty level percenlgge of current and future pensionable payroll. The contribubons are detemiin8d by lh• Gov8mment Actuary based on quadremlal valuations using a piospactive unk crndit rnelhod. The TPS Ss an unfunded mutti-employer scheme with no undeAying assets to assign employers. Consgquenlly. the TPS is treated as a defined contrtbuon schemè for auntIl9 purposes and the contribulions are reeogni$ed in Ihe peri¢)d to whh th8y late. The Charity also ¢ontrfbu19s to personal penSn schgmgs for nofvte8thing 8t8ff Ihese contrilxrtlons Ire acci)unled for in the year thèy are payable. 1.14 L•as•5 Rentals payabl8 undor opgratlng leases. induding any l&a8e Incentrves receNéd, are charged to Incorne on a 8tralght Ilne basis overthe tem of Ihe rel8vant laasa. 1.1S Link•d eh•iitie• Pale's Grammar School Foundation is linkgd with a charity of ihe same name Icharity number 1202(rf)2-1). The trustees of th• charitable company and thè linked tharity ar8 Ihe same. The lunds of the linked charity e nil and therefore no further disdosure of the Ilnkod charlty Is presented In thèse statemonts. Crftlcal IOuntIng estlmatss and Judg•mtnts In the applicafjiyn of Ihe tharitable compony'¥ a¢rx)unting poluos, th8 Trlee6 avg required to make judgemenls. 8stim8le$ and as8umpllons about the ¢arrying amount of assets 8nd I18blI1es that ale nol readly apparent from other SOUT¢es. The 8slimate$ and associated assumpbons are based on hlslorfcal poli8n¢t and other la¢tor8 that are consNJered lo be rdevanL Actual 16sull$ may der from these eslimal•s. The 08tlmate8 and underfying gs$umpllon8 are rewew•d on an ungoing basis. Revi$ion$ to accfjunting estimates are recognb5ed In the period in which the e¥limate Os revI8ed where thg w$w)n 8ffects On that perlod, or in the per ol the revision and luture period$ where the reslon affocts b¢)th cuffenl aTrJ future periods. There Vd nothing to report in th18 regard.
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Grdnts and donatlon Tol•l Total 2024 2023 Grants & donatitins 428,392 3,024 £418,392 12023.. £YJ6,6241 of grants and donations represwts amounts r1Ved by Thg FOund8th 8S a revenue endowment und&r a deed dated 1586. The purpoge of thè endowment th¥ mainternCe of 8thJcation at bctlh Pate's Grammar SclKJoI and the Rid)ard Pate School. 11 1$ converted Into Micom8 on its recaipt and ha8 therefore not been wesenled as 8 Separate eThJowTn8nl fund but as an unreslrided ing)me fvnd. Charltabl8 actlvlt School f An¢lkry tradlng 2024 Total Ancllhry tradlng 2023 Total 2023 2023 Gros6 Sthool fg9S Regi8tration6 Discounts ncklary tradkng 3.422,842 5.575 (52.CWI 3.422,642 5,575 {52.0() 82.512 3.186.898 6.025 173,669) 3.186,898 6,025 (73.6891 129.848 82,512 129,848 3.376,217 82.512 3.458,729 3.119.234 129.848 3,249.082 Invathnts The Rlehard Foundation R•tslrkt•d Pate School Ch•rtty fvnds Totsl 2024 Total 2023 Investment portfolk) Interest rocew on cash iposit8 2.(2 3.$31 41.489 3,397 14.733 19,155 19.155 23,803 2,062 45,020 18,130 For th• y•ar•nd•d 31 Augu¥t 2023 7,379 3.397 18.130 -24-
PATE'S GRAMMAR SCHOOL FOUNDATION IIOTES TO THE FINANCIAL STATEMENTS (COIINVEDl FOR THE YEAR EPIDED 31 AUGUST2024 Support 2Q24 •UFWrt 24 115,e 84,829 2,7¥042 228, s5.rtsi 1.050.514 Z.W.a7Q 42.$79 f87.e01 182.319 187.7Y5 Oth¢r 128.470 165,482 s.rth 3CQ.O 9,SgD 2,716.Q71 128.470 370,068 301,LW 121W 4.012.976 J,485.É69 2.n6.071 116A70 370,W 121212 4117 1465
PATES GRAMMAR SCHOOL FOUNDATION MOTES TO THE FINANCIALSTATEMENTS ICONTINUED} FOR THE YEAR EPIDED 31AUGUST2024 C*4rllDklD F•rth•y•v•d•é IIAwtywt2 To 2121 vlth• 1381.936 I.143 a8.X1 2M8,370 1.452 227.7Ce 38A79 ts>.590 18lWfy IWJ.021 CthBr 183.co) 117.1C6 t58.B36 2.619,434 117.1Cfj 374 268.Q78
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Gov•rnnce costs G0man¢¥ ¢osts totallwvj £55,188 were inrrrfd in the p8rb)d12023: £37.356). None of the Trustees {or any persons Cnnected wtih them) recefved any remunèration or bèneffts from the arftabla 0)mpary during thg year. Audltof$ v•mun•ratlon The anatysbs of auditorfs remuneration induded wlhln goveman¢e costs Fs a8 foNow$." Fees payabl• to tho ¢rI1•bIg compaty$ audltor. 2024 2023 Audit ofthg Larit8b 1MpanY'S annual 8¢xounts 13.508 12.250 Non4udlt servlces All other nomudrt seNceg 5.436 2,708 27-
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 10 Employe umbgr of •mploy• Th& avorage monthly number of gmployees during the year was.. 2024 Numb•r 2023 Numb•r Schdastic Administrat 31 51 43 82 Employm•nt costs 2024 2023 ge$ and s#l¥ries Social $8cwity ¢o$l$ Other pension o)sts 2.182.825 211,719 341,498 2,051,200 199.332 307,838 2.736.042 2.558.370 The number of emthees whose annual remunérati W8¥ £60,OCQ or more were.. 2024 Number 2013 Numbor £60.001-£70,000 £70,001-£80.1)00 £90.OOCk£iW,000 £100,00ll0.000 11 N•t gain{10*1£•D on inTfttslments iknreJtted Restricted nd• fund¥ 2024 20 Total R•strict•d fund8 2023 2024 Revaluation ol investments 3,890 9.889 1.TT4 -28-
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 12 Tanglble fix•d a88•ts Frwhold land EtyAplAtst0[vIhls and butwinp T(41 Cost Al 1 Seplernber 2023 Addili(#)s 0.765.527 74.784 584,460 31,941 7,381,928 74.764 At 31 Au9usI 2024 6,840.291 584,460 31.941 7,456.692 D•pr•¢latlon and knyimnt At 1 Septamber 2023 DepreallOn charged in the year 3,358.617 183,771 473.807 42.579 31,941 3,864,365 228.350 Al 31 August 2024 3.542.388 516.386 31.941 4,090.715 Carrylng amount Al 31 August 2024 3.297.903 68,074 3.365,9TT At 31 August 2023 3,406.910 110.653 3.517,563 The charitab Company provida$ ongoing $UPPDrt to Pate's Grammar Sthool. S¢h¢¥Jl formaty adwed Voluntary Aided Status on 1 September 1999 and subsèquenuy c%>nverted lo an Academy on 1 Dè¢amb¢r 2010. Pale'8 GT8mm8r School Fwndalion charty own6 fand upon whith Pate's Grammar School has been bjl Through it$ ¢ommilmenl to support the &hool. thg Charttabl6 Comp8ny has not onty provpJed revenue 8UPPOrt but also capllal SUprt by the fLmding of ass•ts that have been built on this land for the use of the School. In the last 29 years. the totsl of thls captsl frxpendituro on bèhaN of thé Sthool has amoLmled to £3.94m. th effect from 1 December 2010, Pale's Grammar Schoc4 adoptad Academy sta$ in acrdance w(th Sthedule 1 to tre Acadomies Act 2010. As part of that process, Pata's Gramm8r School Foundalion has granted a lo lea3e over the land on which the assets have bean bjitt to Pat¥,$ Grammar School at a pèprweun rént. The Charity has treat these asséts as having been dlsposed of for £Nil proceeds during the finanrAal year 2011112. Any dlsposlllon5 In ihe ftrtur8 will be a$ pwscribod by SecapJn8 37 and 39 of the Charils Act 2011. The permanenuy 8ndowad land was not indud¢d Sn the tsansfer of assets from Patg's Grammar Scho Foundation charity ref•r8nc4d in note 1.1 and therefore has been retsined in the thar5ty.
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 13 Flxed 48s•I Investsnents L15t•d Invoslrnnts Co¥t or valuation Al 1 September 2023 Valtk}n than9es 98,124 9.889 At 31 August 2024 1Cffj,013 C•rrying thUnt At 31 Augus121f24 106.013 At 31 Auwsl 2023 96,124 2024 2023 InstmentS at fair valug comprise.. Blathod( Charitles UK Bond Fund A Inc 81ackrod( Charities UK Equity FundA In 11,625 94,388 11.193 84.931 106,013 96.124 14 Debtovs 2024 2023 Amounts falling due wilhin on• y•ar. Trado dèbtors Prepayments acuued inceffle 1.205,789 34,871 643,353 1.240.640 675,917 15 C•¥h at bank and in hand 2024 Current accwnts Deposit accounts Cash 2.052.602 50,530 1,,636 525 2.103.657 1,253,717
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 Crodilorn." amounts falling du• wlthln on• y•ar 2024 2023 Other tsxatbon and soclal securfty Fees received in advance Advance fee payments undèr contract Trade credittir Other txedilors Accruals 46.858 1.452.129 521.839 77.271 49.275 20,563 48,743 1,013.733 17 19 39.519 42,317 53,155 2,187.935 1,195,467 17 Fo98 rKelved Sn advan The m0ment in fees reNed in advance is as follows: 2024 2023 Foes received in advance as at 31 August 2023 Less amounts recognised during the ye•r Amounts received in Iht y•ar in rèlalh)n to future financial y8aTS 1,013.733 (1,013.733) 1,452.129 948,422 1948,422) 1.013,733 F••$ I•1v•d in advancè as at 31 August 2024 1,452,129 1,013,733 18 Cv•dltorn: amounts falling du• aft•r mor• than on• y••r 2024 Advance fee payments undgr contrac* 19 371,444 -31-
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Advanc• f•• paynmnts undor ¢ontrd¢t Paignts may enter Into a contract lo pay the School up to the equlvalent of 7 years. tuitbjn in advance. subject to ¢urrent tem$ and c1)ndOn8. Assuming pupils will rwain in the School. a¢fvanc8 feos wil be aWl8d as ft>ll¢Ms.' 2024 2023 Aftar 5 y•ars Mfilhin 2 10 5 years 32.854 338,59] 371,444 521,839 th 1 year 893.283 The baance represents a¢¢rued IKbilty under th8 rLntracL The movements dun9 year were.. Balan al 1 Septgmbor 2023 New corrtracts 893,283 893283 Amounts utlised in payment of fo0$ Balanc8 at 31 A(wsl 2024 893,283 20 Op•rntiny l•as• commllm•nts Al thg reporUrwJ ond date Ihe charitable 0panY had outslondiry commrtments for lulur8 nmnimum lèase paymerbls under non4an¢ellabfe operating leases, which fall duè 8s folkn.. 2024 2023 Within one year Btheen and five yoars 2,919 e.333 1,032 9,252 1,032 21 Fln•n¢l•l ¢on*nitrnerrt•. guarnnt••8 and c(¥rtlng•nt Il•bllh As at 31 August 2024, there We no guar8nlees. contingenci•s and ¢ommitments {2023". none} ofh8r than tha opeiallng lease commitments referred lo abovg.
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TOTHE FINANCLAL STATEAIENTS (CONTINUED} Fclg fiiE YEAR ENDED $1 AUGUST2024 22 RMlrkt•dfvnds •mMtknlund 2• 71• 01.1791 1711 47, 19,3>3 IS79 4.259 ,477 1,771 5.187 57.421 01.5141 RP8 195 158 132 4.471 s,1 <51.e921 1.714
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS ICONnNUED) FOR THE YEAR ENDED 31AUQUST2024 Mw•mDnt lThfund• ••A•mbw 4.(.17 3,qBO.439 IJ.485.6 51.ts2 43K.011 3.W.079 14,011976) 9, 4211.C
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 24 Analy41$ of n•taM•ts b•tw••n fun UnrnsM¢t¢d Re•trl¢t•d lund fund¥ 2024 2024 Total Unre51rKted Restrided funds funds 2023 2023 Totsl 2024 2023 Fund balances at 31 Augus12024 are represented by.. Tanglble assets Investments Current asssI119b1til$I Long tenn liabilrfies 3.365,977 43,433 1,173.098 1371,4441 3.365,977 3,517,563 62,580 106.013 3,264 1.176.362 1371,4441 3,517,563 98.124 734.187 56.581 1.202 732.965 4,211.064 65.844 4.276,908 4.290.071 57.783 4,347.854
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 AUGusf2024 25 P•n•lon and èSmllar ol)Ilgatlon¥ Teaching Staff The Charity pathpates in the Teacherg, Penslon Scheme Clh8 TPSI for its teathing stsff. Thg TPS 18 a ytatutory, contribulory, dèffined bertefit stheme, govemed by the Teachers. Pension Schgme Reguklons 2014. All l&athers have the option to opt out of the TPS following enrolment. The TPS 18 unfurKled scheme to whith both the memb8r and empk)yer m8kos t{lributiOns, a5 4 perc8ntsge of salary. These contributions are crodited to the Exchequer. ReliTrmonl and other penon benefits are patd by public funds prowded by Pai&amenL Valuatlon of the TCher. P•n¥ion S¢hemo The Governmant Actuary, using nom)al actU8ri31 pripIeS. conthjds a formal actuarial reviaw of the TPS In accordance with th¢ Public Seryree Pensions (Valuatkjns aThJ Employer Cost Cap} txrections 2014 published by HM Treasury every 4 years. The aim of the review is to specify the levèl of fvlure eonlribulions. Actuarial s¢heme valuation8 are dependerrt on as5urnptnS ab)ut tho value of futur8 costs. d8gn of benefits and many other factors. The latest arial valuation of the TPS was carried out as al 31 Marth 2020. The valuth.on report was published by the Department for Educallon on 27 October 2023, w6th the SCAPE rale, sel by HMT. applyiThJ a nOtiCal Investmont ratum bas•J on 1.7% above the rate of CPI. The key elemenls of the valuatlon and subsequent ¢on8ultal•)n are". employer conlributK)n rat¥$ $8t al 28.68% of pensionabltr pay IlnGluding a 0.08% gmployor admintslration charge). Thls 1$ an ItKre8e of 5% in employer contributions and the cost cJ)ntrol r•$ult is such that no change in memb9r beneffts is needed. tot¥1 sd)eme liabilities (pensions cuffenlly in payment and the estmated Cost of ftrtur& berLeffts> for seNce Its the effectNe date of £262,000 million, and notional ass•ts (estimated future ¢ontrfbulOons together wlh the notsonal investments held at the valuatlon datel of £222,200 million giking a ntsttonal payl S¢& deTlt Of£39.8 milion. The resuY( of this valuatn wl b8 impl•m8nt•d from 1 Awil 2024.The next valuation resull is dug to bo imemented from 1 April 2028. The employ•¢s pension ojsts ld to the TPS in the period amount8d to £290.023 (2023: £263,CQ41. ContribuOon8 totallbng £35,475 were payable to the ffijnd al the year end (2023.. £30,870}. A Copy of the valuatlon report and $upportlrYJ 0mentation is on Ihe Teachers. pensn$ website. Under the definitiorb8 set out in FRS 102. tho TPS is an unfunded multb•mploy•r p•n$ion 8theme. The Chadlablè Company has &counted for its contributions to the scheme a3 if tt were a defined O)nlrftrlknft 8theme. The Charitable Company has set out above the Infomiation avaflablè on the scheme. Non-T•aehlng Stoff Ponslon S¢h•m• The Charity also runs a srth8mè for its non-tèa¢hi)g staff, is a d2fined ojntribution scheme. Thfj rml for Ihe period rgpresents the S¢hool's cs)ntribulion8 lo the Stheffle of £51.475 I)23. £44.834). Contrltrthons totaling £NII were payabb to the lknrKI al the year end12023.' £Nil). 26 Relatod party trnmactlo Remuneratlon of k•y manauem•nt pernonnèl Th& remuFwab'on of key management personnel is as folryws. 2024 2023 Aggregats cOmp8nsaln 615,359 644.768
PATE'S GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 latsd party nsac110n$ (Contlnugdl Olher r•latsd party transactlons Th8 Charitable Company rgcaivèd endowment Incom6 of £418.39212023.. £396,625) frorn Thg Pate Charlty which is administered by Corpus Chri8ti College, Oxford. By vrlu8 of this adIrnistra1wo rola and th8 right the College has to appdnt fourTrusleès, the Comege is a related paty. P81e's Grammar sd01 Is a related party due to the common m&Nthrs of the goveming bod5. During Ih yoar the Charitable Company commrttad to a £300,OtX) (2023.. £Nlf) ¢JonaUon lo Pale's Grammar School for revenu8 aThJ caprtal support whth was also paid during the year lo 31 August 2024. The Charltable Company purchased an annual licen and Support package from Leam Wth Us Lld for £7LJJ during thè year {2023.. £Nill. A1rustee of the Charitable Company is a Dirador at th8 company. The trustees approved the pur¢ha8e. 27 Cash gan•r•t from op•r4tlon¥ 2024 2023 (DoficitysurFAus for the year (ro.9461 179,941 Afju8IM6r for.. Irhve$tment income recogni8ed in stslernent of Ilnandal actiwttes Fair value gains and losses on investments DepreciatKffl and Impalmnt of tangible fixod assats (45.0201 {9,8891 228,350 {18,130) {1,774} 227.709 Movemgnts in wothing Ggytsl: ncrease) in debtors Increa¥elldecreasel in uedilors In¢reas8 in (lthrred ino {564.7231 905,516 438,396 I15.6() {348.18n 65,311 Ca¥h genernted from operatlon• 879.684 89,284 28 Anatysls of ch•ngos In n•tfvnd• The charitable company had no d8bt during the yw. -37-