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 ac￿pIanCe Ihieshold sel al average acadèmic abillly, excpllenl examinallon rgsulls prove that the
School is able lo lake pupils with aver3ge acadefnic abilily and workin9 c￿selY 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 Cho￿85 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 tuit￿n 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
p￿cedentSdl, 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 champ￿NShiP 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 8￿WayS 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 dlssal1s1￿d 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). UnreStr￿ted
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 prO￿sS 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 penS￿n 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 re￿iVed 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 afj￿rdance 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 d￿S 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 othe￿is8 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 misslate￿￿n1S 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 Spec￿lied 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 responsibl1￿leS 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 aC￿p¢ or assume responsibility lo
anyone other than the chaiilable company and the chaiilable COM￿nY,$ 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 th￿r ctrnlribu1￿n.
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 pOrt￿n of the asset's use.
Tanglble Ylxèd as50ts
Dep￿ciall0n 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 restl￿ted
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
p￿paYmentS 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
Be￿en one and live years
5,498
10,538
16.871
11.626
18,036
28.497
Page 24
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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
ReStr￿ted income
28,369
128,3691
TOTAL FUNDS
3,363,166
13,220,473>
142,693
Page 25
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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 eX￿s5 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
Go￿rnOr8, 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 resou￿8 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