REGISTERED COMPANY NUMBER: 02281187 IEngland and Wales) REGISTERED CHARITY NUMBER: 298910 R8POrt of the Tru5tobs and Financial Statements fur the Year Ended 31 August 2021 for NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI TIA PITSFORD SCHOOL Infirnitas Accounlanls Limited Infinilas House 58 Waiklon Lane Barton Seagrave Keltering Northamplonshirg NN15 SAA
NORTHAMPTONSHIRE INDEPENDENTGRAMMAR SCHOOL CHARITYTRUST LIMITED TIA PITSFORD SCHOOL Contents of the Financial Statements for the Year Ended 31 August 2021 Page Raference and Admlnistrative Details Report of the Trustees 2 10 10 Report of the Indopendent Auditors 11 to 13 Statèm6nt of Financial Activities 14 Balance Sheet Cash Flow Statomont 16 Notes to the Cash Flow Statèm6nt 17 Notes to the Flnancial Statements 18 to 28 DetaSled Statement of Flnancial Aclivitles 29 to 30
NORYHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Reference and AdmlnistratSve Detalls for the Y8ar Ended 31 August 2021 TRUSTEES M R W Adams {iesigned 31.12.201 J J Brown Ms S Burdill (resigned 27.10.211 S J Coleman Dr M S Gaskell Ms J Harrop A K J Moodie W P Morloll (resigned 1.12.21) A Ross AMTail Reverend S J Troll J S Weiizel COMPANY SECRETARY Mrs S G Sherlo¢k REGISTERED OFFICE Pi151ord Hall Pilslord Northampton Northamptonshire NN6 9AX REGISTERED COMPANY NUMBER 02281187 IEngl8nd and Wales) REGISTERED CHARITY NUMBER 2g8910 INDEPENDENT AUDITORS Infinitas Accounlanls Limited Infinilas Flouse 58 Waiklon Lane arton Seagrave Kettering Northatnptonshire NN15 SAA SOLICITORS Howes Ptrrcival, Oxford House. Cliflonvilte, Northampton. NN15PN BANKERS Barclays Corporate Bank, 1-2 Trinity Way, Chingford, London, E4 8TD Page 1
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 202f The Iruslees who are also directors ol the chaiily for the purposès of the Companies A¢1 2006, pres&nl their report with the financial slalemenls of the charity lor the year ended 31 August 2021. ThB Iruslees havB adopted the provisions of Accounting and Reportlnu by Charities.. Slalemenl of Recomtllended Practice applicable lo charities pieparing their a¢counls in acoord8nce wilh the Finanei81 Reporting Standard applicable in the UK and Republic of Irel¥nd IFRS 10211gffÉclivè 1 January 20191, OBJECTIVES ANDACTIVITIES OL)jeclives and aims The objects ol the School are lo promote and provmje for the advancement of education and continue lo develop a School that 1$ run with prin¢iplè8 of the Church of England. for pupils of both sexes. We 8im, through our Junior and Senitrr Sch<xJls, lo operate an independent day school for boys and gli from the age of 3 10 18, educating them lo a high standard and so enabling them lo move on lo suitable higher edu¢allon or the workplace. We promote the academic, moral and physical development of our pupils through our academic curriculum. pastoral care, sporting and other activities. We PTovide an educational environment where each pupil can develop and fullil his or her polenlial. building their sell-conlidence and contributing lo the wider community. This aims lo develop other interests and we prepare our pupils for the opportunities, responsibilities and experiences for future lrfe. Pupils will leave Pilsford School equipped th skills, knowledge, understanding, confidence and compassion, so th81 they can #mbark on Ihtsir journey through life beyond the confines of sohool and hom8. Our School welcomes pupi15 from all backgrounds, with the acceplanee threshold being set to an average pass mark. The size of the school and Ihe sm811 class sizes conlribule lo the school's abilily to ensure each pupil •chièves their maximum potential in all areas. We are able lo encourage Dur pupils iii the classroom, on the sports field and in the Ihealre. ensuring that each and every child leaves the School as well-rounded, confident individuals. With an acpIanCe Ihieshold sel al average acadèmic abillly, excpllenl examinallon rgsulls prove that the School is able lo lake pupils with aver3ge acadefnic abilily and workin9 cselY wilh them, ensuie they achieve the best results possible. Our objectives arè sel lo reflect our eduealionel aims and ethos of the school. It Is important lo us that we rnalnlain and enhance the academic success of the School. Our key objectives for this year included.. o To continue lo develop the first dass pastoral care we provrde lor our pupils.. o To provide continuing support ol our pupils already in re¢elpl ol fee assistance through buisarie5', o To offer pupils information lo assist willi oareer Cho85 and decisions., o To deliver an a¢ademi¢ education sU1table lor their chosen c81eei-, o To make pupils aware of soclal and cuKural igSLJéS that will enrich their IDJes', o To develop an undersl8ndlng and rècognilion of the need lo serve the communily., o Making pupils caring and sensitive lo oihers.. o To enable pupils lo work both independently and as part of a team.. o To allow pupils to use their Initiative and devglop their sell-conliden¢e', o To inciease pupil nutllbers al our Junior School., o To provide continuing support ol our pupils already in rece4pI of fee assistance through scholarships. Page 2
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2021 OBJECTIVES AND ACTIVITIES Significanl activities Pilslord School is a charitable tru51 which sBeks lo benefit the public by providing a Ilrsl class education, independent of the Siale system. We aim lor the highe51 qLJalily of aGademic tuitn and the development ol wider sporting, artistic and social skills in all our pupils. We offei an enviionmenl where each pupil can develop and fulfil Iheir potential, in order lo help build $611-confidence and encourage a lifelong desire lo conliibule lo th¢ wider community. Our strategy aims lo enable our pupils 10 8chieve Ihelr full polenlval through offering small class sizes and 8 wide variety ol opportunity through academic and extra-curricular activi118s, We have continuèd lo ensure wide public access lo the School with Ihe bursaries and scholarships available. We al80 provide a comprehensive list ol Educational Trust Funds lo those lo whom the bursary offerfjd may be Snsufficienl lo enable them lo allend Ihe school. Publlc benefit In s911ing our ohjectives and planning our aclivities the Govemors have given careful Consideration to the Charily Commission's guidance on public benelil and, in particular, to ils supplem&ntary publi¢ benefit guidance on advancing education and on f8e-charging. Our lee5 are sel al a level lo ensure the financial vlabilily of the School and al a level that Is consislenl with our aitn in providing a high standard ol education to all pupils. Page 3
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2021 STRATEGIC REPORT Achievement and performance Charitable activities Our educational aolivilies are carried out through tsur Senior Sohool and our Junior School. Pupll numbers al Ouf Senior School were 186 (2020.. 2071 and Ihe numbers of pupils al our Junior School wei8 7612020.. 861. 4 pupils out of the 76 Jullloi School pupils are In Kits whlch Is our Nursery provision. Academic Following on from whal we Ihoughl was an unprecedented year in 2019-2020 Ibul whlch lumed out lo be pcedentSdl, 2020-2021 remained immensely challenging. The Government èventually fuled that actual examinations would not take place and instead schools would have to produce 'leacher assessed grades, ITAGSI which should follow stringent processes imFK)sed and managed by the school and which would be authenlicaled externally. As a school we were more slringenl than most having six separate date points in our 'baskel ol evidence, which required gieal effort from students and staff lo write, answer, mark. collect and retain. l am pleased lo say that in our aulhenlicalion process the examination boards passed everything that we wilhoul any negative comrnenl and 811 ol our grades stood a5 given. Oespile the slriclness of our systems. our eventual oul¢omes were oulslandlng which is a demonslralion ol what were two oulslanding year groups. Al A level 68Q/o of grades were A".A grades, 99Yo were A'.E. AI GCSE 57Q/¢ were 9-7 wilh over ono in Ipie being grad¢d as 9. Off the back ol SLJch a strong perfoiman¢e, and drawing from our painstaking processes to prepar8 sludènts lor universily, our destination werè vèry suceesslul and we have students from class 2021 attending, amongst olheis, Durham, Imperial, Birmingham, Sheffield and L88ds. A very sueee5sful year, As with the wider communily sport and the delivery of Physical AclwilEs were greatly hil by Covid and the govemmenl regulations placed on society and schools. The conlenl and delNery ol sport changed as guided by the diffetenl goveinlng bodies yomg inlrodu¢ing new rules in an allempl lo keep people as safe as Possiblfy. The requirement for physical exercise linked lo mental well -being became a priority not only in school bul the wider community. Pupils have been encouraged to maintain their general health and lilness buildlng on the work that look pla during the first summer lock down. The summer knckdown saw lessons going on line with pupils partaking in live Zoom lessons lo encourage participation and a 'lillle' competition. All became good al burpees, planks and other eoually hoirible lilness movesl There were weekly challenges sel lor indwiduals and families lo participate in lo encourage a sense ol community and enjoyment of the ouldoois. The usual school sports day was replaced by a virtual sports Week th a varlety of different activities for all lo participate Sn many of the pupll$ wmpleled 811 ol the 15 events including a live zoom burpee challeiige. The pupils were 18nlaslic in their &ngagtsmerTrl and enjoyed the house competition as a sense of normal peih8Ps retumed to the school community. The return lo school In Septèmber was eagerly anticipated but wilh bubbles and other restrictions Ihgre wag further impact on the sport and extra-curricular aclivilies. The pupils wer6 desperate to return to a full Ilxlure programme bul unlortLinalely were not able lo. With sport being limited outside school the focus turned to maintaining levels of Illness and aolivilles that pvpi18 would bg abSe to p8rtlcipale in whilst trying lo maintain social distance and not sharB gquipmpnl. The aniiual Pilsftsrd run was hit hard by pupil absence leading up lo Christmas so lumed in to a fLTll run finished off with hot chocolate and chocolate coillsl The annual run look place after the second lockdown ¢8refully or castraled in the bubbles. The winter lod(down once again had lessons back on line and pupils participating in a variety of different aclivilies. The Iirsl 5POrts back after the lockdown lor compglilions were tennis. goll and alhlelics. OnTr again schools dld nol have any lixlures with other schools. Page 4
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Elided 31 August 2021 The pupils and slaff are 811 looklng fopNard lo the reinlroduclion of lixlures and the usual bu8y Sports programme. During the year.. Tennis Northamplonshire U16 player Leiceslershlru U16 playgr Goll ISA 3rd and 4th placed individuals ISA 3rd placed team Individual Club junlor champion Northampton County Golf Club Alhlelics Silver 10K U20 Northamplonshire Champ1onship medallisl Silver masters 1 OK Northamptonshire champNShiP med811151 Silver High Jump Northamplonshire Ghampionship medallisl Inciea8trd number of pupils r8gularly participating in Park Runs Increased number competing for local athlelics ¢lubs Trampolining Ex pupil uf the school has been crowned British Champion Football One Y11 female plays for Leicester Cily U16 team looking lo progress lo the U23 squad in 2022 One Y9 male ig part ol the U15 Leicester Cily Football Academy Duke ol Edinbu h Award With the far-reaohino effects of Covld reslriclions on mat)y ol the adivities undertaken lor DolE, incSuding expeditions, the sch<x)I group has b8en very quiet for the past year, though we did n)ariag6 one local walk back in the Aulumn leTm. On a positive note, we have had foul mor8 completions ol the Gold Award so the Honours board in Pilslord Hall is ylarting lo lill up nicely. We ar8 still very much looking forwaid to our 50th exp8dition since the scheme was restarted at Pilsford in 2006, which will lake Pla in the Summer season 2022. Fundralslng activitles During Ihe year, Pilsford School pupils raisad E1.039 12020.. £1,500). which was don*ed lo 7 12020.. 71 different charileble causes, through a wtde variety of fund-raising efforts. B8C Children In Need £94, Young Minds Mental Health mufti day £158. Movember £170, Hope INorthamplon Homeless Shelter) - Christmas Jumper Day £241, Comlc Relief- Mutti Day £227, Guide Dogs £72 and Rainbows £77. Throughout the year, this year a sma118r number of local community groups have used the school grounds nd facilities. due lo Covid. These include. Favours Day Nuisery, Pilsford Purnas Junior Football Club, Next Generation Sports Camp, NMPAT and Northampton Tennls Coaching. InvestTnent performance The inv8s1menl powers specified ill the goveinlng instrument allow Ihe Governors lo deposil or invesl in any manner but lo invest only after oblalning advic£ from a financial expgrt, Page 5
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PIT5FORD SCHOOL Report of the Trustoes for thè Year Ended 31 August 2021 STRATEGIC REPORT Achlèvement and performance Internal and extèrnal factors This year th8 value of means tested bursaries lolalled £348,153 12020.. £387,893) and represented 9.3° 12020.. 9.70AI ol DUI gross fees. They provided assistance to 3912020.. 451 ol our pupils of which 912020.. 111 puplls benefitfed from a full remission of lees. In addition, the School awarded scholarships to 8 12020.. 8 pupils), based on their educational, sport or music marit and polenlial. lolalling £25,811 12020.. £14,614) and representing 0.7¢kn 12020.. 0.4/1 of our gross lees. The progress of pupils receiving s¢hol8rships is reviewed al least annu81ty lo ensure their progress is in line wilh their abilities. No scholarships were withdrawn in the year as a result ol reviews. The Trustees constantly revlew our Bursary and Scholarship Awards policies lo ensure that able children can accept offeis of plaGo$ 81 our School through th8 availability ol means lesled fee as51slance. anlicipale this review will help ensure the objective ol widBr access continues lo be achieved. COVID discount or Summer Temi £Nil12020'.351,3241 represented OY.12020.' 8.8%) of OUT gross fees. Page 6
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2021 STRATEGIC REPORT Achievament and performancè FACTORS RELEVANT TO ACHIEVE OBJECTIVES The Trusl&@s int8nd lo continue their current strategies of maintaining the School's posltion in a competitive market by investing lo provide high quality education lor our pupils. Achieving a hKJh standard ol academic resulls is a constant aim whilst maintaining the breadth and depth ol Ihe edu¢alion provKled Our lulur8 plans are financed piimorily from fee income and from our ieserves. The Trustees need lo maintain an 8qLlltable balance ensuring our curienl pupils benefit whilsl, al Ihe same lime, ensuiing a sound Infrastructure and financial b85e are preservèd lor the nexi generation ol pupils in the same way as our ¢urrenl pupils benefit today from the investment made in Ihe past. Mar The biugesl news regarding markellng and what h01ps lo explain th& difference in the sly1e of this report - is that the Head of Marketing, Mrs Kate Pacheco has, after four and a half y8ar8. resigned and moved lo pastures new. Al the tIMe ol writing we are in the PTocess ol finding her replacement. 11 is 8WayS Sad to lose a colleague but this 1$ an exciting and important opportunity for th8 school. Before Kale left, the Headmaster contracted Mrs Alicia Coad lo audit marketing in the school. Alicia undsrtook a thorough 3LKJil. interviewed key slakeholders and fed back lo the Marketing Committee. Her recommendations weie in the process of implemenlalion when Kate resigned and will continue under h8r sucoessor. In summary. the direction lor tllarkeling is to increase our collection, and subsequent use. ol data lo beller largel new families and lo increase the school's profile. Working closely with our acting Registrar Imrs Michelle Jackmanl greater strides have already been mad8 and Ihere will be further rigour 8nd analysis lo ¢ome. During this last year the school launched ils new w8bsite and it wlll b6 a piiorily to make Ihis impaotlul and 8ffeclive and at the moment Alicia is restyling parts of the Gonlenl so Ihal the new Flead of Marketing has a partly done job lo hil Ihe ground running. We continued this year lo use Ihiid party contractors lo push social media conlenl to promote Ihe schoo5 and these have had li111e impa¢l. nonetheless this slral8gy will be revlewed as part of the whole school marketing devaloprnent plan which is the job for 2022. INe stsged an Open Morning on the rainswept final Saturday of September and were heartened by a good luinoul of over forty interested families. This has set up a good Entrance Day ol over thirty families and a steady stream ol interest in joining th8 school. The ullimale success ol this will be judged in the numbers who join the school, bul we are ¢onlid8nl soin8 good sliucture8 are already in pla. The school like society remains in 3 slate of Iransltion and we have seen some movemenl in the market with families dlssal1s1d wilh other schools coming lo us and equally families seeking new environments away from Pilsford. It is hard to ignore the possib18 impact of coronavirus on Ihis and il is to be hoped that Ihe marketplace. and the school community, will s18bilise and gains secured will gather momentum. To summarise.. we are in an excitino Iransiliorial ph2sg with an imminent new Head of Maikeling and a dynamic and effective Registrar. The righl piecos will hopefully be ON the board and will come to deleimine and turn IhE game. Ref During Oclober 2020 half term, the Chapel was completely renovated wilh décor. flooring and glazing being replaced. This has allowed the Chapel lo becotne a more inviting and versatile space. During the sumTner of 2021. extensive relurbishmenl was cairied oul on the last three iemaining classrooms in mÉin school lo provide more conducive learning enwionmenl and information lechnology provision. The multi-purpose Pilsfoid Hall kitchen w85 redeveloped with new flooring, new kitchen units and appliances aFid il was freshly de¢ora18d throughout. This provides a dedicaled facility for staff and students. Page 7
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2021 STRATEGIC REPORT Finai)cial review Reserve5 policy The tharilable company generated a surplus lor the year of £142,693 12020.. delicil £87,366). UnreStrted funds amounted to £4,547.366 at 31 Augusl 2021 12020.. £4.404,6731. These funds are earmarked for future development of the school. As a charity the parents ol OUT pupils have the assuran that all the income ol the Sohool musl be applied for educational purposes. As an educational chaTty we enjoy lax exemption on our educational acliwlies. As a Charity we aTe also entitled lo an 80°/u reduclDn on our business rates on the property we occupy for our charitable purposes. However. as an educational chaiily, we are unable lo reclaim VAT input tax on our costs as we ar& exempl for VAT purptss&3. The Tiuslees considei Ihal the S¢hool should hold minimum free reserves ol two monlhs, exp6ndilura in order lo cover the risks and uncertainties of operating as an independent edueation818Stablishrnenl. Al the ygor end. IreÉ reserves exeeeded this level. The Trustees are responsible for the overseeing ol the risks faced by the School. Risks are identified. assessed and controls established Ihrouohoul the year. A formal review of the risk management prOsS is undertaken on an annual basis. Prlnclpal rlsks and uncertalnties Thè principa5 risks and up)certainlies the Trustees have id8nlilied are.. o Recruilino and maintaining a suitable number ol pupils in order lo maintain the pupil roll and therefore the fee income in line with forecast., o Maintaining school fees al 8n afft>rd8ble level, whilsl m¢èllng rislng costs Including penSn conliibulion8 foi leaching staff and iepoying the bank loans., o Exl8in81 financial risks are kept under review by the Truslees including the potential for changes in tax legislation or changes in the treatment of charities., o Failure lo meet charitable obligations, including those relating lo public benefit. Flnanclal and risk management objectivès and polielès The Trustees have assessed the major risks lo which the company is expos8d, in p3riiculai those related lo the operations and lihances of the company, and are salislied that systems and procedures are in place to miligale our exposure lo the major risks, The Trusle8s are reswnsiNe lor the overseeing of the risks faced by the School. Risks are idenlilied, assessed and controls established throughout the year. A formal review ol the risk management process is underiaken on an annual basis. Future plans The hope is that the schoDI shal be in a position lo investigate future developments when the sludenl roll exceeds 300 in such a manner that lulure income can be eslimal&d with some confiden. Al Ihal stage number ol projects will be invesligaled, 1n¢luding the ¢r¢8lion ol a new releclory whtoh could also lun¢lion as a performanc8 spaco 8nd asstrmbly hall and 8 new modular building to replaee our curr6nt Vl Form block. STRUCTURE, GOVERNANCE AND MANAGEMENT GoveTning documeiif The charity is conlrolled by ils governing document. a deed of trust, and conslilutes a limited eompany, Ilmited by guarantee. as defined by the Companies Act 2006. Page 8
NORTHAMPTONSHIRE INDEPENDENT GRANIMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2021 The company is registered as a ch8riiable eompany limited by guartintee and was Sel up by a Memorandum oIAssociation on 27 July 1988. The Company is consliluled linder a Memorandum of Association dated 27 July 1988 and is 8 registered charily Iiumber 298910. Recrultment and appolntment of new trustees Th8 manaoemenl of tha company is the responsibility ol the Trustees who are e¢ted and co-opted undtsr the terms of the Articles ol As50cialion Organisational structure The School is iegistered as a charitable company limited by guarant88 and was inwrpoTaled on 27 July 1988. The liability of the members is Ilmiled. The Truslee8 are legally responsible for the overall management and control ol Ihe School and meel routinely four limes a year, lo a planned schedule, with addrtional tneelings if required. Sub£ommillees )nsisI of Edutalion & Personnel, Finance & Estates. Health & Safely Comrnillees and Markellng Commiltee and all meel prior to the lull board meetings and report into it. All Trustees give thèir lime freely and no remullgralion or expenses were paid in Ihe year. No Governor or person connected lo a Governor reiVed any benefit from either means lesled bursaries or scholarships awarded lo ou¥ pupils. The day to day running ol the School is delegated lo the Headmaster, supported by senior slaff. The Headmaster undertak85 the key leadership role overseeing the educational, pastor81 and administrative functions in oolljunclion with the senior staff. The School supports the hi9hèsl standards in the Independgni Schods sector and maintains membership of the Association of Governing Bodies in Indep8ndenl Schools IAGBISI, the Independent Schoo15 Bursais, Association IISBAI and the Independeni Schools Ctsuncil IISCI in order that ils members may contribute lo and share best piaclices. IHductSon ai)d training of new trustees The Governing body requires breadth and depth of experience to carry out ils dulles effeclively and efficiently. Trustees arg reciuiltrd following nomination ol suitable c8ndidales by existing Trustees, the Headmaster or Clerk of Governors. Where are number of candldales apply lor one vaGancy, consideration is given lo the ski115 and experience ol the candidates relative lo the Existing Trustees. Ngw Truslees arB invited inlo School lo meet the HeadmBslei STATEMENT OF TRUSYEES. RESPONSIBILITIES The Irvstees (who are also the directors of Northamplonshire Independent Grammar School Charity Trust Limited for the purposes ol company lawl are responsible IDr preparing the Report OF the Trustees and the financial slalemenls in accordance with applicablB law and Uni18d Kingdom Accounting Siandards (United Kingdom Generally Accepted Accounting Praclicel. Page 9
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFOREI SCHOOL Report of the Trustees for the Year Ended 31 August 2021 STATEMENT OF TRUSTEES. RESPONSIBILITIES- contlnued Company law requiTes the Iruslees to prepare financial slalemBnls for each financial year which give a true and fair view of the slate ol affairs of the charitable company and ol the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing Ihosa Ilnanoi81 slalemenls. the Iruslees are required lo select suitable accounling poli¢ies and then apply Ihem consislenlly,, observe the methods and piillolples in the Ch8Tily SORP.. make judgements and 8$1itnalo5 that are reasonable and prudent., prepare the financial slalemenlg on the going concern basis unless il is inapproprialg lo piesume that the charitable company will continue iii busine&s. The trustees are responsible lor ke¢ping propo1 accounting records which disclose with reasonable accuracy al any lime the financial posilion of the ch8rilable company and lo enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They ais also responsible lor salEgu8rding the assets of the charitable company and henee for takinu reasonable steps lor the prevention and del8¢1ion of fraud and other irregularities. In so lar as the Irusle8s are aware.. there is no relevant audit information ol which the charitable companys auditors 8re unaw8ie', and the Iruslees have taken all steps that they ought lo have taken to make themselves aw8ie of any relevant audit infomialDn and lo establlsh that tho auditor8 are aware of that information. AUDITORS The auditors, Inlinitas Accountants Limited, wll be proposed for re-appointment al the forthcoming Annual General fvleeling. Report ol the Iruslees, incorporatin a $lralegi¢ report, approved by order of the board of Iruslees, as the company directors, on .11..LuKrL ,... and signed on the board's behalf by,. A M Tail- Trustee Page 10
RepDrt of the Irbdependent Auditors to the NS6mbers of Northamplonshire Independent Grammar School Charity Trust LiTplted Opinlon W8 have audiled the financial sl8lemenls of NorthaTllPtonshire Independent Gramtnar School Charily Twsl Liinited Ilhe '¢harilable company'l lor the year ended 31 August 2021 whSch comprise the Slatemenl of Financial Aclivilies, the Balance Sheet. the Cash Flow Slalemenl and notes lo the financial statements, including a summary ol significant accounting policies. The financial reporting framework that has been applied in Iheii preparation is applicable law and United Kingdom Accc>LJnling Standards IUn51ed Kingdom Generally Accepted Aocounling Praclicel, In our opinion the f1nanaal slalem&nls'. oive a true and 18lr view ol the slate of th8 ch8rilable oompany's affairs as al 31 August 2021 and of ils incoming resoui¢es and application of resourogs, including ils income and expenditure, lor the year then have been properfy piepared ill accordance with United K1ngdom Generally Accepled Accounting Piaolice., and havg been prepared in accordance wilh the iequiremenls ol the Companies Act 2006. Basss for oplnlon We conducted our audit in afjrdance wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audllors, responsibililies for the audit of the fillan¢ial statements section ol our report. We are independent of the charitable company in accordan with tho ethical requiremgnis that are relevant to our audit of the lin8ncial statements in the UK. including the FRC'S Ethical Standard, and we have lullilled our other ethical responsibllilies in accordance with these requirements. We beli&ve that the audil ovldence we have obtained is sufficient and appropriale lo provid& a basis for our opinion. Conclusions relating to going concem In auditing the financial slalements, we have con¢luded that the trustees, use of the going concern b8sis of 8CCOLinling in the preparation of the financial stalfjmenls is approprHIe. Based on the work we have performed, we have not identified any malerral uncertalnlies relating lo events or conditions Ihal, individually or colleelively, may cast significant doubl on the charitabl8 company's ability lo continue as a going con¢ern for a period ol at least iwelve months frotn when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibili118s of the Iruslees with respect lo going concern are descrlbed in the relevaiil sedions of this report. other informatlon The trustees 8re responsible for the other information. The olher information comprises the information included in the Annu31 Report, other than the financial s181emenls and our Report of the Independent Auditors Ihereon. Our opinion on the linancial 51atemenls dS not cover the other information and, except to the extent olh6rwise explicilty slated in our report. we do not oxpres5 any form ol assurance conclusion Ihereon. In connection with our audit ol th8 financial slalemenls, our respornsibilily is lo read the other irilorfnalion and. in doing 80, consider whether Ihe other illlomalion 55 materially inconsislenl wilh the financial statements or our knowledge obtained in Ihe audit or otheis8 appears lo be materially Misslaled. 11 wè identify such materi81 inconsistencies or appai.ent materi31 misslalemenls, we are requiied lo determine whether Ihls gives rise lo a maleiial missialemerTrt in the financial s18temenls themselves. If, based on the work w8 h8ve performed. we conclude that Iheie is a material misslalemenl of Ihi5 other infoitnats"or¥. we are requiied lo report that lacl. We have nolhing lo report in this regard. Page11
Report of thè Indepèndènt Audltois to the Members of Northamptonshire Independent Grammar SGhool Charlty Trust LlmSted Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Report ol ihe Trustees for the financial year for which the financial slalemenls are prepared is consislenl with the financial slalemenls.. and the Report of the Trustees has been prepar8d in accordan with app15cable Segal requir8menls. Matters on which we are requlied to report by excèptlori In the light ol th6 knowledgè and undBrstanding of the chaiilable company and ils environment obtained ir? the course of the audit, we have not identrfied material misslaten1S in the Report ol the Trustees. W6 havg nothing lo reptrrt in respecl ol the following mallers where the Companies Act 2006 Tequires us lo report lo you il, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us,. or the financial slalemenls are not in agreement with the aocounling records and r81urns', or certain disclosures of Iruslees, r9muneralion Speclied by law are not nwde,. or we have not received all the information and explanations we require lor our audit. Responsibilitles of trustees As explained more fu15y in the Statement ol Truslees, Responslbililies, the Iruslees {who are also the directors of the eharitable Company for the purposes of company lawl are responsible for the preparation ol th6 financial stalemenls and lor being satisfied that they give a true and fair Mew, and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial slalemenls th81 are freè from material misslalemenl. whether due to fraud or error. In preparing the financial slalemenis, the Irusle6s aré resw)nsible for assessing the chariiable compaiiy's ability lo continue as a going concein, disclosing, as applieable, matlers related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo ceasÉ operations, or have no reBllstic alternative bul lo do so. Our responsibilities for the audit of the finanGial 5tstements Our objectives are lo oblaln reasonable assurance about whelher the linancial statements as a whole are free from material missl8lement, whether dLJe to fraud or error, and to issue a Report ol the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihal an audit conducted in accordance with ISAS IUKI wrill always delecl a material misslatemenl wheii il exists. Misstatements can aiise from fraud or error and are considered material if, Individual or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these linanclal slalemenls. The exienl lo which our proTrdures are Capab ol delecllng irregularities, includirig fraud is dèlailed b81ow'. o Enquiry ol sentor le8dorship. Governors And those charged wilh governance around actu81 and pol¢nll81 liligalion and claims 88 w&ll as actual. 8USPeCted and alleged Iraud., o Reviewlng mlnules ol m¢etinos of those charged with governance., o Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection., o Rèviewing financial statement disdosur8s and lesling lo supportlng documenl3lion lo assess compliance with applicable laws and Tegulalions o Performing audit work over the recognition ol income and the allocation ol expenditure lo funds., o Performirig audit work over the risk of management bias and override ol controls. including testing of journal entries and other adjuslmenls for appropriateness. evaluating the rationale Df signS1icanl transactions outside the normal course of business and reviewing accounting eslimales for indicators ol potential bias. A further description of our responsibl1leS lor the audit ol the financial slalements 18 located on the Finandal Reporting Council's wobslle al wwN.frG.org.uklauditorsresponsibilities. This des¢rlplion forms part ol our Report of the Independgnl Auditors. Pag& 12
Report of the Independent Audllors to the Members of Northamptonshlre Independent Grammar School Charlty Trust Llmited Use of our report This report is made solely lo the charilabl8 company's members, as a body, in aecord8nce wllh Chapter 3 of Part 16 of the Cotnp3nies Act 2006. Our audit wot1( has been undortaken so Ihal w6 might slate lo the charitable company'5 members those mallers we are required lo stale lo them in an auditors, report and for no other purpose. To the fullest extent permilled by law, we do nol aCp¢ or assume responsibility lo anyone other than the chaiilable company and the chaiilable COMnY,$ members as a body, foi our audit work. for th15 report, or for th8 opinions we have formed. C810line Aimslrong (Senior Slalutory Audilorl for and on behalf ol Inlinilas Accountant8 Limited Inlinilas Hoii8e 58 Warklon Lane Barton Seagrave Keltering Northamptonshire NN155AA Dale.. Page13
NORTHAMPTONSHIRE INtJEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Statement of FinancSal Activities for the Year Ended 31 August 2021 2021 Total funds 2020 Total funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Charitable activities Eduoalion 3,328,535 28.369 3,356,904 3,423.263 Oth8r trading activilies Inveslmenl Income 1.888 4.374 1,888 4,374 2,905 7,530 Total 3,334,797 28,369 3,363,16S 3,433,698 EXPENDITURE ON Raising funds 28,375 49,925 Charltsble aGtlvitiès Education 3,163,729 28,369 3,192.098 3,471.139 Total 3,192,104 28,369 3,220.473 3,521.064 NET INCOMEIIEXPENDITUREI 142.693 142,693 187,3661 RECONCILIATION OF FUNDS Total funds brought forward 4.404.673 4,404,673 4,492,039 TOTAL FUNDS CARRIED FORWARD 4.547.366 4.547,386 4,404,873 Tho rK)les form pèrt ol Ihese financial stalemgnts Page 14
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Balance Sheet 31 August 2021 2021 Total funds 2Q20 Total fuiids Unrestricted Restrl¢ted fuiid fund Notes FIXED ASSETS Tangible assets 12 7.452,034 7,452,034 7,494,920 CURRENT ASSETS Debtors Cash al bank 13 853,742 958,818 853,742 958,818 929,301 208.487 1.612,560 1,612.560 1,137,788 CREDITORS Amounts falling due within one year 14 14,517,228) (4,517.228) 14.226.035> NET CURRENT ASSETS 12.904,6681 (2,904,668) 13.090,247) TOTAL ASSETS LESS CURRENT LIABIUTIES 4,547.366 4.547,366 4,404,673 NET ASSETS 4,547,366 4,547,366 4,404,673 FUNDS UnrestriclecS funds 4,547,366 4,404.673 TOTAL FUNDS 4.547,366 4.404,673 The financi81 slalemenls were approvfjd by the Board of Trustees and aulhoris8d for issue on ..1....oW. .AO.a2 and wore swJned on ils behalf by,. A M Tail- Trustee The notes form paTI ol these linanoial slal8menls Page15
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITYTRUST LIMITED TIA PITSFORD SCHOOL Cash Flow Statement for the Yoar Ended 31 August 2021 2021 2020 Notes Cash flows from operatlng actlvltiès Cash generated from operations Rent received 506,443 14,2801 1440,3961 17.0441 Nel cash provided byllused inl operating activities 502.163 1447,4401 Cash flows from invèstlng actlvities Purchase ol langbble fixed assets Sal8 ot intangible fixed assets Interest recsived Rent [e1Ved 1127.7871 24,111 94 4,280 129,8301 486 7,044 Nel cash used in investing activities 199,3021 122,3001 Cash OwS from financlng actlvities New loans in year Loan repayments IE) year Capital repayrnenls in year 335,324 1106,8991 14,8071 12,146 Nel cash provided byllused inl financing activities 347,470 1111,5(bl Change in cash and cash equivalents in the reporting peritsd Cash and cash equivalents at the beginning of the reporting perlod 750.331 1581,2461 208.487 789,733 Cash and cash equlvalents at the end of the reporting period 958.818 208,487 The noles form part of these financial slalemenls Page 16
NORTHAMPTONSHIRE INDEPENDENTGRAMMAR SCHOOL CHARITYTRUST LIMITED TIA PITSFORD SCHOOL Note5 to the Cash Flow Statement for the Year Ended 31 August 2021 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2021 2020 Net incomellexpènditurèl for th8 reportlng perlod la5 per the Statement of Financial AGtlvltiesl Adjustments for.. DepreGialion charges Profil on di8pos810l fixed assets Interest received Decreasellincrèasel in deblors Decrease in cr¢dilors 142,693 187,3661 170,674 124.1111 1941 275,559 158,2781 160.085 1486) 1342,1271 1170.5021 Net cash provided byllused inl operatlons 506,443 1440,3961 ANALYSIS OF CHANGES IN NET DEBT At 1.9.20 Cash flow At 31.8.21 Nel cash Cash at bank 208,487 750,331 958,818 208.487 750,331 958,818 Debt Finance leases Debts falling due within 1 year 13,8901 12.679,6751 112,1461 116,0361 1335,3251 I3,015,0001 12,683,565) 1347,4711 13.021.036} Total 12,475,078) 402,860 12,072,218) The notes form part of the58 financi81 stalements P8ge17
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements for the Year Ended 31 August 2021 ACCOUNTING POLICIES Basls of prèparlng the flnaneSaS statements The financial statements ol the charilable eompany, which Is a public benefit enlily under FRS 102, have been prepared in accordance wilh the Charities SORP IFRS 1021 'Ac¢ounling and Reporting by Chaiities.. Slalement ol Recommended Praclice applicable lo chaities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and FRepublic of Ireland IFRS 1021 leff801ive l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Slandard applicable in the UK and Republic ol Ireland, and the Cornpanies Act 2006. The finan¢ial slalemenls have been prepared under Ihe hisloTi¢a5 cost convention. The Balance Sheet shows a nel Ilabilily posilioll due lo the loans lor the Junior School and Sport Centre bulldlng Goming lo malurily and being recognised in curr8nl liabilities. As de18iled in nol& 22 the loans were renegolialed, amalgamated and secured post year end. Therefor8 the twslees consideT Il appropriate lo prepare the accounts on a going concern basis. Income All income is recognised in the Slalernenl ol Financial Activrties once the charity has enlSllemenl to the funds. il is piobable th81 Ilie income will be re]Ved and the amount can be measured reliably. All Inwme is recognised on¢e the tornpany has enlillemenl lo the in¢orne. il is probab that the income will bè re¢eived and the amount ol income lgcelvable ¢an be measured reliably. For legacies, enlillement is takèn as the eadier ol Ihe date on whieh either. the company 1$ aware that probate has been granted, the estate has been finalised and notilicalion has been made by the execulorls} lo the Trust Ihal a dislribution will be made, or when a distribution is received from the eslale. Receipt ol a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been nolilied ol the executor's intention lo make a Where legacies have been nolilied lo the company, or the company is aware of the granting of piob8le, 8nd the ¢rfleria for income recognillon have not been mel, then the legacy is Ireal¢d a$ 8 conlingenl ass21 and dis¢losed il malerlal. Donated seNces or facilities are recognised when the company has control over the item, any conditions associated w41h the donated item have been mel, the receipt ol economic benelil from the use ol the company ol the item is probable and ihat economic benefit can be measured reliab. In accordance with the Charities SORP IFRS 1021. the general volunteer lime of the Friends is not recognised and refer to the Trustees, report lor more inlomialion about thr ctrnlribu1n. On receipt, donated professional setvices and donated facilities are recognised on the basis of the value of the gift lo the cotnpany which is the amount the company would have been willing lo pay lo oblain services OF facilities of equivalent econorllic b8nelil on the open market,. a corresponding amount is Ih6n COgnised in expenditure in the period ol receipt. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenanl is iecognised al the lime ol the donation. Incom& lax recoverable in l#tiOn lo investment income is recognised al the lime the investment incom8 is re¢eivabla, Page 18 conlinuéd...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financlal Statements contSnued for the Year Ended 31 August 2021 ACCOUNTING POLICIES - contlnued Expendllure Liabililies are recognised as expendiluie as soon as there is a lagal or conslruclive obligation commilling the charity lo that expenditure, il is probable that 8 Iransfer of economi¢ benefits will be required In sett18menl and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an a[318 basis and has been classified under headings that aggregate all cost related lo the category. Where costs caniiol be directly allributed lo particular headings thèy have bean alloc31ed lo activities on a basis oonsislenl with the use ol resDurces. Raising funds Costs of generating funds 8re costs incurred in altracling voluntary income, and those incurred in Irading aelwities that raise funds. Charitable activities Expenditure is recognised once Ihere is a legal or ¢onstruGlive obligaliosn lo Iransler economic benef to a third party, it is probable that a transfer of economic benelils will be re4uired in selllemenl and the amounl of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up ol the lolal of dired costs and shared costs, including support costs involved in undertaking ea¢h aclivily. Direct costs altribulable lo a single activity are allocated dir8cIIy lo Ihal activity. Shared costs which conliibule lo morg than one activity and support costs which 8re not allribulable lo a single aclivily are apportioned between those activities on a basis consislenl with the use of resouices. Central staff costs are allocated on the basis of lime spenl, and depreciation charges allocated on tha pOrtn of the asset's use. Tanglble Ylxèd as50ts Depciall0n is piovided al the folk)wing annual r818s in ordèr lo write off each assel over ils eslimaled useful lile. All Bssels cosllng mole than £1,000 are capilalised12020.. £2501 Over 10 to 50 years Over 3 10 10 years Over 4 years Over 50 yttars Property Improvemen15 Furniture and equipmenl Gardening and grounds vehicles Junior School Taxation The oharily is exempl from corporation tax on ils charitable a¢tivilies. Fund accounting Unresliicled funds can be used in accordancg wilh the charitab18 objectives at the discretion of the Irusle8S. Restricted funds can only be used lor particulaT reslricl8d purposes within the objecls of Ihe charily. Restrictions arise when specified by tha donor or when funds are raised lor partScular restlted purpose5. Further explanation of Ihe iiature and purpose of e8¢h fund is included in the notes lo the financial stalem8nts. Page 19 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRLIST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements - continued for the Year Ended 31 August 2021 ACCOUNTING POLICIES . continued Penslon costs ai)d other post-retirement benefits The charitabl6 comp8ny opèrates a defined contribution pension schen*. Contributions payable lo the charitable company's penslon scheme are chargfxl lo Ihe Statement ol Financial Activities in the period lo which they relat8. OTHER TRADING ACTIVITIES 2021 2020 Fundraising ev8nls 1,888 2,905 INVESTMENT INCOME 2021 2020 Rtrnls received Deposit account interest 4,280 94 7,044 486 4,374 7,530 INCOME FROM CHARITABLE ACTIVITIES 2021 2020 Activity Net school le$s reGeivable Education Other income relating lo education Furlough grant 3,014,929 2,860,897 Education Education 313,606 28,369 474.157 88.209 3,356,904 3.423,263 RAISING FUNDS Ral$lng donatlons and legacies 2021 2020 Advertisinglmaikeling f888 Event expendilure 24.592 3,783 39,831 10,094 28,375 49,925 Page 20 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes lo the Financial Stat8ments - continued for the Year Ended 31 August 2021 CHARITABLE ACTIVITIES COSTS Support costs (see note 71 Dlrect Costs Totals Education 2.544,163 647,935 3,192,098 SUPPORT COSTS Governance ¢osts Management Financo other Totals Education ?04,178 97,152 338,415 8,190 647,935 Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried oul al Headquarters. Governance costs alè those incurred in connection with administration ol the company and Compliance with constitutional alld slalulory requirements. NET INCOMEIIEXPENDITUREI Nel Incomell6xpendilurel ks slated after chargingllcrediling).. 2021 2020 Audrtors, remuntsration Deprecialion- owned assets Surplus on disposal of fixed assets 8.190 170.673 124,1111 8.922 160.084 TRUSTEES, REMUNERATION AND BENEFITS There were no IrL)slees' remunerallon or other benefits ft)r the year ended 31 August 2021 nor foi the y8ar ended 31 August 2020. Trustees, 8xpensèS There w8re no trusltses. expenses paid lor the year erK£ed 31 Augusl 2021 nor lor Ihe year ended 31 August 2020. Page 21 eonliniied...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notos to the Financlal Staternents ¢onllnued for the Year Ended 31 August 2021 10. STAFF COSTS 2Q21 2020 Wages and salaries Social security costs Other pension costs 1,717,701 155,523 312,622 1.852,094 168,896 345,012 2,185,848 2,366,002 The average monthly number ol employees during the yearwas as follows.. 2021 36 2020 39 Teaching Support and 18¢hnical Other 22 22 67 72 The number of employees whose employee benefits (excluding èmployer pension coslsl exceeded £60.000 was.. 2021 2020 £60,001- £70,000 £90,001- £100,000 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES All income and expenditure f()r 2019 18laled lo unreslricled funds, Page 22 conlinued..
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST UMITED TIA PITSFORD SCHOOL Notes lo the Financial Statements contlnued for the Year Ended 31 August 2021 TANGIBLE FIXED ASSETS Furnlture, Improvements Eqiiipment to and property Vehicles Freeliold property Junior School Totals COST At 1 Seplember 2020 Additions Disposals 3,424,080 2,723.416 35,801 330,394 91,986 137,344) 2.309,869 8,787,759 127,787 137,344} At 31 August 2021 3,424,080 2.759,217 385.036 2.309,869 8,878,202 DEPRECIATION Al 1 September ?020 Charge for year Ellminaled on disposal 624,948 84.293 275,141 40,183 137,3441 392,750 46,197 1,292,839 170.673 137.344) At 31 August 2021 709,241 277.980 438,947 1,426,168 NET BOOKVALUE Al 31 August 2021 3,424,080 2,049,976 107,056 1,870,922 7,452,034 Al 31 August 2020 3,424.080 2,098,466 55,253 1,917,119 7,494,920 13. DEBTORS.. AMOUNTS FALLING DUEWITHIN ONE YEAR 2021 2020 Trade debtors Other debtors ppaYmentS and accrued income 567,378 12321 86.598 860,438 6,138 62,725 653,742 929,301 Pag8 23 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Not65 to the Flnancial Slatemerits continued for the Year Ended 31 August 2021 14. CREDITORS-. AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 202U Bank loans and overdrafts Ise8 tTrole 151 Finance leases (seè nulB fj61 Trade creditors Social security and other taxes Other creditors Accruals and deferred income 3,015,000 16.036 33,809 38,259 44.934 1,369,190 2.679,675 3,890 33,6B6 39,916 51,464 1.419.424 4,517,228 4,228.035 15. LOANS An analysis of the malurily of loans 15 givèn below.. 2021 2020 Amounts falllng due within one year on demand.. Bank loans 3,015,000 2,679,675 16. LEASING AGREEMENTS Minimum lease payments fall due as follows.. Finance leases 2021 2020 Nel obligation5 repayabls.. Wilhill one year 16,036 3,890 Non-cancellable operating leases 2021 2020 Within one year Been one and live years 5,498 10,538 16.871 11.626 18,036 28.497 Page 24 conlinu8d...
NORTHAMPTONSHIRE INDEPENDENT GRANIMAR SGHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes lo the FlnAnci81 Statements ~ continued for the Year Ended 31 August 2021 17. SECURED DEBTS The followng secured debts are included within creditors.. 2021 2020 2,679,675 Bank loans 3.015,000 Bsnks loans are secured by fixed and floating charges over selected Freehold Property ol the Ctsryany. Both loans were due for renewal wilhin 1 year and have therefore been disclosed as fully due within 1 year 8s al 31 Augysl 2020. Since the y&ar end the loans have been ienew8d on a 5 year agièement. 18. MOVEMENT IN FUNDS Net movement in funds At 31.8.21 At 1.9.20 Uiirestrirl&d funds General fund 142,693 4,547,366 4,404,673 TOTAL FUNDS 4,404.673 142,693 4.547.366 Nel movement in funds, included in the above are as folk)ws'. Incomlng resources Resources expended Movement in funds Unre5trlcted funds General fund 3,334,797 {3,192.104} 142,693 Restrictèd funds ReStrted income 28,369 128,3691 TOTAL FUNDS 3,363,166 13,220,473> 142,693 Page 25 conlinued...
NORTHAMPTONSHIRE INDEPENDENTGRAMMAR SCHOOL CHARITY TRusf LIMITED TIA PITSFORD SCHOOL Notes to the Financlal Statèments - continued for the Year Ended 31 Auguse 2021 18. MOVEMENT IN FUNDS. continued Comparativès for movemeiit in funds Net movement in funds At 3fj.8.20 At1.9.19 Unrestricted funds General fund 4.492.039 187,3661 4,404.673 TOTAL FUNDS 4,492,039 187,3661 4,404,673 Comparative net rnovemenl in funds, included in the above are as follows.. Incomlng resources Rosources expended Movement in fund5 Unrestricted funds General fund 3,345,489 13.432.855) 187,3661 Rèstricted funds Restricted income 88,209 188,2091 TOTAL FUNDS 3,433,698 13,521,064) (87,3661 A current year 12 months and priwyear12 month8 ¢ombined posllion Ss 88 follow8". Net movement in lunds At 31.8.21 At1.9.19 Unreslrlcted funds General fund 4,492,039 55.327 4,547,366 TOTAL FUNDS 4,492.039 55,327 4,547,366 Page 26 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Flnanclal Statemellts continued for the Year Ended 31 August 2021 18. MOVEMENT IN FUNDS-contlnued A current year 12 months and prior yeai 12 month5 combined iiet movement in funds, included in the above are as follows.. Incoming resources Resour¢@S expended Movement in funds Unrestricted funds General lund 55.327 6,680,286 16,624,959) Rostricted funds Reslricled income 116,578 1116,5781 TOTAL FUNDS 6,796.864 {6,741,5371 55,327 19. EMPLOYEE BENEFIT OBLIGATIONS The charitable company's leaching employe85 belong lo the Teachers, Pension Scheme England and Walos trps} The lalesl actuarial valuation ol the TPS rekqled lo the period ended 31 March 20fj6. There were no outstanding or prepaid contributions al either the beginning 01 the gnd of the Ilnancial year. Inlroduclion The Teachars, Pension Scheme ITPSI is a stalulory, conlribulory, d8fined benefit scheme, 9overried by the Teachers, Pengion Scheme Regulations 2014. M¢mbership is automatic lor 18acheis in academies. All teachers have the option to opt out ol Ihe TPS following enrolmenl. The TPS an unfunded scheme lo which both the member and employer makes oontribulion5, as a percentage of salary. These contributions ars credited lo the Exchequer. Retirement and other pension ben8fits are paid by public funds providod by Parliament. Valuation The Govemmenl Aclu8ry. using norm81 actuarial principles. conducts B form81 actuarial revi8w ol the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 yoars. The aim ol the review is lo specify the level ol future contribullons. Actuarial s¢hemg valuations are dependent on assumptions about the valuo of future costs, design of benefits and maiiy olher factor5 The lalesl acluaiial valualion of th8 TPS was carried out as at 31 Maioh 2016. The valuation report was published by the Department lor Education on 5 March 2019. The key 8lemellts of the valuation and subsequent consultation are.. employer contribution rales set at 23.68°/0 ol pensionable pay {in¢luding a 0.080h employer adtninislralion ehargel P8ge 27 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Flnancl81 Slatoments- contlnuèd for the Year Ended 31 August 2021 19. EMPLOYEE BENEFIT OBLIGATIONS- continued 10181 scheme liabilities IpensK>ns currenlty in payment and Ihe eslimaled cost of future benefits) for service lo the effective date of £218,100 million, and nolional assets (estimated future contributions logether with Ihe notional investments held at the valualion dalel of £196.100 million giving a notional past Servi delicil of £22,000 million the SCAPE rate. sel by HMT, is used lo determine the notional investment ielurn. The current SCAPE rale is 2.4.10 above the rale of CPI. The assumed real rale of relum is 2.40A in eXs5 01 prices and 2D/o in excess ol earnings. The rale of real earnings growlh is assumed lo be 2.20/0. The assumed nominal rale ol return inoludlng earnings growth is 4.45Yo. The next valuation result is due lo be implomenled from 1 April 2023. The eillployer's pension costs paid to the TPS in the p8riod amounlpd to £287,77912020'. £320,795). A copy ol the valuelion report and supporting documenlation is on the Teachers, Pensions website. Undei the delinilions sel out in FRS 102, the TPS is an unfunded multi-employer pension s¢heme. The ch8ritablo company has ac¢ounlad for ils contributions lo Ihe s¢heme as if il were a defined contribution s¢hemÈ. The eharilable company has set out above Ihe infomialion available on the scheme. 20. RELATED PARTY DISCLOSURES GornOr8, liabilily insuranee premium cosls borne by the trusl The Governors received no remuneration, no benefits and no reirnbursement of expenses during the year. Two Governors paid normal school fees (less staff and other discounts) for three children being educated al th6 school. Page 28
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Detalled Statement of Financial Activltles for thè Year Ended 31 August 2021 2021 2020 INCOME AND ENDOWMENTS Ott]er tradlng activities Fundraising events 1.888 2,$05 Investtnènt income Rents received Deposit account interest 4.280 94 7,044 486 4.374 7,530 Charitable activitles Net school fees Teceivable Other income relating to educalion Furlough grant 3.014.929 313,606 28.369 2,860,897 474,157 88,209 3,356,904 3,423,263 Total incomlng resources 3,363,166 3.433,698 EXPENDITURE Raising donations and18gacies AdvertisinglM•rketing f885 Event expenditure 24,592 3,783 39,831 10,094 28,375 49,925 Cha¥ilable activltles Wages Sooial secuiily Pensions Teaching costs Welfare costs Piemises costs Deprecialion ol tangible fixed assets Loss on 58le ol intangible fixed assets 1.526,958 142,088 312,622 91,381 160,889 163,662 170,674 124,1111 1,663,390 155.656 345,012 238,354 177,915 154,523 160,085 2,544,163 2.894.935 Support costs Management Wages C3rri8d loThvard 190,743 190,743 188,704 188,704 This page does not form part of the slglulory financial slalements Page 29
NORTHAMPTONSHIRE INDEPENDENTGRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Detalled Stateinent of Finar7cial Activities foi 11)e Year Endèd 31 August 2021 2021 2020 Management Broughl fopNard Social security 190,743 13,435 188,704 13,240 204.178 201,944 Flnance Bank charges 97,152 93,575 other Sundritys 338,415 271,763 Governance costs Auditors, remuneration 8,190 8.922 Total resou8 expended 3.220,473 3.521,064 Net incomellexpendilurel 142,693 187.3661 Th15 page d08s nol form part ol Ihe slalulory financial slalemenls Page 30