REGISTERED COMPANY NUMBER.. 02281187 IEngland and Wales) REGISTERED CHARITY NUMBER: 298910 Report of the Trustees and Flnancial Statements for the Year Ended 31 August 2023 for NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI TIA PITSFORD SCHOOL Infinilas Accountants Limited Unil 6 North Business Park Cherry Hall Road Kellering Northamplonshire NN14 1UE
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Contents of the Financial Statements for the Y&ar Ended 31 August 2023 Page Reference and Administrative Detalls Report of the Trustees 2 to 11 Report of the Independent Auditors 12 10 14 Statement of Financlal Activitles 15 Balance Sheet Cash Flow Statemènt 17 Notes to the Cash Flow Statement 18 NotBS to the Finan¢lal Statements 19 10 29 Detslled Statement of Financial Activities 30 10 31
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Reference and Administrative Dètails for the Year Ended 31 August 2023 TRUSTEES J J Brown Dr M S Gaskell (resigned 7.12.231 Ms J Harrop A K J Moodie A Ross A M Tail Iresigned 31.8.23) Reverend S J Troll J S Weilzel MsBAHill S P Phipps (Chai¢ Ms L Mohess COMPANY SECRETARY Mrs S G Sherlcck REGISTERED OFFICE Pilsford Hall Pilsford Northampton Northamptonshire NN6 9AX REGISTERED COMPANY NUMBER 02281187 (England and Wales) REGISTERED CHARITY NUMBER 298910 INDEPENDENT AUDITORS Snfinilas Accounlanls Limiled Unil 6 North Business Park Cherry Hall Road Kellering Northamplonshire NN14 1UE SOLICITORS Howes Per¢ival, Oxford House, CliAonville, Northampton. NN15PN BANKERS Barclays Corporate Bank, 1-2 Trinity Way, Chirbgford, 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 2023 The trustees who are also directors of the charity for the purp05e5 of the Companies Act 2006, present their report with the financial slalemenls of the charity for the year ended 31 August 2023. The Iruslees havè adopted the provisions of Accounting and Reporting by Charities,. Slalemenl of Recommended Praclice applicable lo charities preparing their ac¢ounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffeclive 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the School are lo promote and provide for the advancement of education and Continue lo develop a School that is run with principles of the Church of England, for pupils of both sexes. We aim. through our EYFS, Junior and Senior School, to operat& an independent day school for boys and girls from the age of 3 to 18, educating them lo a high standard and so enabling them lo move on lo suilable higher education or the workplace. We promote the academic, rnoral and physical development ol our pupils through our academic curriculum, pastoral care, sportin9 and other aclivilies. We provide an educational environment where Èach pupil Can develop and fulfil his or her polenlial, builoling their self-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 life. Pupils will leave Pilsford School equipped with skills, knowledge, understanding, confidence and compassion. so that they can embark on Iheirjourney through life beyond the confines of school and home. Our School welcomes pupils from all backgrounds, with the acceptance threshold beillg sel to an average pass mark. The size of the school and the small class sizes contribute to the school's ability lo ensure each pupil achieves their maximum potential In all areas. We ar& able lo encourage our pupils in the classroom, on the sports field and in the Ihealre. ensuring that each and every child leaves the School as well-rounded, conh'denl individuals. With an a¢ceplance threshold sel al average academic ability, excellent &xaminalion results prove that the School is able lo lake pupils with average academic ability and working closely with them, ensure they achieve the b8sl results possible. Our objectives are sel to reflect our edu¢alional aims and ethos of the school. It is important lo us that we maintain and enhance the academic success of the School. Our key objectives for thi5 year included.. o To continue lo develop the first Class pastoral care we provide for our pupils., o To provide ¢onlinuing support of our pupils already in recgipl of fee assistance through bursaries.. o To offer pupils information lo assist with career choices and decisions., o To delivei an academic education suitable for their chosen career., o To make pupils awaie of social and cultural issues that wll enrich their lives.. o To develop an understanding and recognition of the need to serve the community", o Making pupils caring and sensitive lo others.. o To enable pupils to work both independently and as part of a team., o To allow pupils lo use their initiative and develop their self-CDnlidence', o To increase pupil numbers al our Junior School., o To provide continuing support of our pupils already In receipt of fee assistance through scholarships. Page 2
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Et)ded 31 August 2023 OBJECTIVES AND ACTIVITIES Significant activities Pilsford School is a charitable Irusl which seeks lo benefit the public by providing a first class education, independent of the Slate system. We aim for the highest quality of academi¢ tuition and the development ol wider sporting, artistic and social skills in all our pupils. We offer an environment where each pupil can develop and fuKIl their polenlial, in order lo help build self-confi'dence and encourage a lifelong desire lo contribute lo the wider community. Our strategy aims lo enable our pupils lo achieve their full potential IhroLJgh offering small class size5 and a wide variety of opportunity through academic and &xlra-curricular aclivilies. We have continued lo ensure wide public access lo the School with the bursaries and scholarships available. We also provide a comprehensive list of Educational Trust Funds lo those lo whom the bursary offered may be insufficient lo enable them lo allend the school. Public benefit In selling our objectives and planning our activities the Govemors have given careful consideration lo the Charity Commission's guidance on public benefit and, IN particular. to its supplementary public benefit guidance on advancin9 education and on fee-chaiging. Our fees are sel al a level lo ensure the financial viability of the School and al a level that is consistent with our aim in providing a high standard ol edu¢alion lo all pupils. Page 3
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2023 STRATEGIC REPORT Achievement and perfom)ance Charitable activities il numbers Our educational activities are carried otjt through our Senior School and our Junior School. Pupil numbers al our Senior School were 191 12021". 1851 and the numbers of pupils al our Junior School wer¢ 85 {2021.. 861. 13 pupils out of the 85 Junior School pupils are in our AcornslKils which is our Nursery provision. Academic 2023's examination results were good and broadly in line with recent years. despite being in the case of Sixth Form comparatively few students, and in the case of Year 11 a comparatively large number of entries. Although two years removed from lockdown, the impact of the pandemic remained Clear on this cohort as the A level Class had not s81 GCSE, and had suffered through a disrupted journey early in their schooling, and the same applied lo the GCSE cohort who had experienced, il anything, more profound challenges wrought by the ComplallOnS of 2020-2022. At A level, there was a slight improvement on last year, with over half of all grades A".B. The EPQ of 2023 was very suwessful. with all grades A'-A. University applications were successful, with students securing offers from Cambridge (Lawl and Medi¢al schools, as well as a range of other courses, including Art Foundation and Languages. The vast majority of destinations were Russell Group or equivalent universities, including Newcastle, Nollingham. Birmingham 8nd Loughborough. 2023 GCSE results were slightly better than previous years, wlh the strongest performers excelling, many of whom have opted lo remain al Pilsford for Sixth Form. Those students are expected lo perform very well al A level in 2025. 11 was pleasing lo note the performance of certain departments, not least hhalhemalics and History, whose results were especially strong. The school sports programme has continued lo develop with the pupils proved with a number of different sporting opportunities as a member of a team or as an individual. All pupils in the school have compijlsory games afternoons with years 7-9 having an addiliorial two limelabled lessons. The school continues ID provide academic GCSE PE and Ble¢ Sport. The additional inclusion of FCV football academy two days a week has provided both the junior and senior pupils an opportunity lo receive additional extra-curricular coaching sessions and mulli sports afternoons of 8 variety of different aclivilies. School sportslaclivilies have enabled the pupils lo participate in a variety of different physical activities including". cardio, yoga, cross country, table tennis, badminton, multi sports, loolball, rounders, cricket, netball, rugby lo name bul fewl Junior school pupils have conlinuecl lo have physical activity every day in Curriculum lime and after school, Swimming lessons for all junior school pupils lake place each week al Moullon College with specialist teacherslcoaches employed by the school lor these sessions. Inter house events have taken place throughout the year, which are always fiercely compelilive. There has been inler-house cross country, rugby, netball, football, cricket, rounders and athleti¢ for all lo compete in. All of these events are well supported by staff, parents and pupils. The school has continued lo enter town, district, county and national events competing against both slate and private schools on a regular basis. There are weekly fixtures providing all pupils with an opportunrty lo represent the school in al least two different sports in the year, with many more participating in more sports, depending Dn their specialisms. ISA event have also been entered with the school competing in rugby, netball, cross ¢ounlry, football and alhlelics with number of pupils qualifying lo represent the midlands schools in individual events l¢ross country and alhlelicsl. Staff have been able lo allend all events and have been supported with additional employed coaching staff and school support staff wrth specific specialisms]interesls. During the year.. Page 4
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Roport of the Trustees for the Year Ended 31 August 2023 Tennis Players representing local tennis clubs and allending regular tennis sessions Golf ISA 1 sl pl8¢ed indwidual (retained from prevK)us yearl ISA 1st placed team (retained from previous yearl Individual Club junior ¢harnpiDn Northampton County Goll Club Junior club captain Northampton County Golf Club County golf team selection Alhlelics A number qualified lo representing the ISA Midlands schools IncTeased number of pupils regularly participating in Park Runs Increased number competing for local athletics clubs bDth on the track with club league fixtures take place throughout Ihe year A larger number have joined athletics clubs which train al Moullon College (Northampton Town and Rugby and District clubs} Cross Country - A variety of different age groups participated in the ISA annual cross Country meet al Bedslone College , Shropshire A number of alhleles competed in the district cross country event at Abington Park wf(h a few qu81ifying lo represent the lown team in the county championships Two members of the staff have competed in regular club and county events running all over the midlands One member of staff has competed in endurance events Trampolining Ex pupil of the school has continued to compete in the British Champion Football An increased number of individuals in both the junior and senior school have continued playing for local football clubs on a regular basis in countylarea leagues Ice Skating One Y6 individual competing in Midlands solo competitions Table tennis A few individuals allending local table tennis Clubs in the lo¢al area One player is competing weekly in league fixtures for Smash Table Tennis Club in the local league and has attended county training One individual has had an opportunity lo referee at the British Primary Schools National Table Tennis Championships, 81 Oundle School Netball One individual selected for Northamplonshire netball squads A number of individua15 joining1ocal netball teams playing competitive fixtures over the weekends Two teams qualified for the county final al Oundle School Horse riding A variety of different ages compgling in local and national events Hockey One individLJal plays for the male teams at Northampton Saints Hockey Club in goal A few individuals playing junior hockey al Northampton Saints hockey club Rugby Page 5
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2023 Increased number of individuals joining local rugby clubs in their respective age groups Year 7 Market Harborough rugby player had their first experience of rugby tourl Dance A number of dancers in the junior and senior school participating in local dan porformanceslshows Swimming A few individuals continue lo participate in extra-curricular swimming lessons and swim in local clubs Cricket A number of individuals continue to represented local cricket clubs with many being selected for aduFt teams Coaching One individual has completed their Level 1 Netball coaching qualification Refereeing One individual has passed their level 1 rugby refergeing and is refereeing on a regular basis for Kettering Town Rugby Club in junior league fixtures Duke of Edinbur h Award Bronze Award Mrs. Cowling look over as the Bronze DDfE leader in September 2022 with the guidance and support of Mr Leach. In order lo facililale delivery of the award. Mrs Cowling allended an online Course called Introduction lo the DofE which was very useful and informative. In September 2022, 27 pupils signed up to parti¢ipale in the award scheme which is the largest cohort of pupils that the school has had lor Bronze. Pupils allended after-school sessions, held on Mondays, that covered pradical topics like map skills, lent assembly, camp slove use, roule planning. and first aid. Some pupils struggled lo complete the volunteering section and lo address this for lulure years, il is being brought in house as an after school activity called Community Action. Those that didn t complete the volunteering s8clion from the 2022-2D23 year have been offered the opportunity lo join. In preparation for the expedition, pupils completed two practice day walks lo provide navigation training. The first was local walk Sround Old and Scaldwell on Sunday 2nrS October 2022. The second walk was slightly further afield around Badby on Saturday 25th February 2023. The assessed expedition look part in the Peak District Saturday 23rd June -sunday 24th June 2023. An external company called Peak expeditions were used as assessors. They did a fantastic job and helped wf(h supporting the pupils. Paying for the assessors was the bulk of the cost of running the expedition. Mrs Care has taken on the role of award verifier and has completed an online course. We are immensely grateful to her and lo Mr Lewis lor their continuing support and the other members of staff who support participants in their volunteering, sports and skills section activities around school as well as providing extia support on our training walks and expeditions. With the imminent retirement of Mr Lewis, we are going lo need lo bring in more staff lo help facililale the trips. Gold Award The Gold Award at prtsford continues lo be really popular with five students choosing to lake on the highest level challenge last year. Training was rigorous as ever with the added adversity that none had been able lo comp1619 Bronze expedition training due lo covid reslriclions. All participants had lo dig deep across multiple training events in the Peak District and localty, before final practice in the Rhinog mountains and a very successful assessed expedition in Northern Snowdonia. The Award can only operate with the enthusiasm and input Df so many volunteers al school, many thanks lo Mr Lewis, Mrs Cowling, Mrs Kirk and Mrs Care and the other members ol sl8ff who support participants in their volunteering sports and skills section activities around school as well as providing exlra support on our training walks and expeditions. Page 6
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2023 STRATEGIC REPORT Achlevement and performance Fundraising actlvities During the year, Pilslord School pupils raised £2,911 {2022'. £4.851), which w8s donated lo 10 12022.. 101 different charitable Causes, through a wide variety of fund-raising efforts. BBC Children In Need £60, Guide Dogs £215, Rainbows Hospice £228, Cancer Research £248, Jeans for Genes £221, Northampton Hope Centre £201, National Aulislic Society £222, Young Lives Vs Cancer £84, Royal Medical Benevolent Fund £758 and The Lowdown £673 Throughout the year, the number of local wmmunily groups who have used the school grounds and facilities continue to increase post COVID level. These include, Favours Day Nursery, Spratton and Pilsfoid Football Club, Next Generation Sports Camp, Soccer Stars, Brixworth Cricket Club, Haddon Cricket Club, RG Cricket, Army Cadet Charitable Trust, PDET, The Artsmith and Northampton Athletics Club. Investment performance The investment powers specified in the governing instrument allow the Governors lo deposit or invest in any manner bul to invest only after obtaining advice from a financial expert. Internal and extornal factors This year the value of means lesled bursaries tolalled £321,357 12022.. £385,065) and represented 8.7¥. 12022.. 10.7°hl of our gross fees. They provided assistance lo 42 12022.. 451 of our pupils of which 4 12022.. 91 pupils benefilled from a full remission of fees. In addition, the School award&d scholarships lo 9 12022." 7 pupils). based on their educational, sport or music meri( and potential, lolalling £31,03412022.' £21,80518nd representing 0.9°/. {2022'. 0.6Q/ol of our gross fees. The progress of pupils receiving scholarships is reviewed al least annually to ensure thoir progress is in line with their abilities. No scholarships were withdrawn in the year as a result of reviews. The Trustees constantly review our Bursary and Scholarship Awards policies to ensure that able children can accept offers of places al oui School through the availability of means tested fee assistance. We anlicipale this review will help ensure the objective of wider access continues lo be achieved. FACTORS RELEVANT TO ACHIEVE OBJECTIVES Th& Trustees intend lo continue their current strategies of maintaining the School's position in a competitive market by investing lo provide high quality education for our pupils. Achieving a high standard of academic results is a constant aim whilst maintaining the breadth and depth of the education provided. Our future plans are fin8n¢ed primarily from fee incorlle and from our reserves. The Trustees need lo maintain an equitable balance ensuring our Current pupils benefit whilst, al the same lime. ensuring a sound infraslru¢lure and financial base are preserved lor the next generation of pupils in the same way as our current pupils benefit today from the investment made in the past. Page 7
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL R¢port of the Trustees for the Year Ended 31 August 2023 STRATEGIC REPORT Achievement and performance arkelin Mrs Bailey ran a Facebook campaign for Reception and Year 7 places over the summer holaYS, which gained 33,000 impressions. An A Level resils campaign on FB and Inslagram generated more serious enquiri&s 17 in lolall, and she fell this was worth repealing in August 2023. Our Open Days wero popular with potential parents. The 1st October event was allendgd by 58 families, most of which were interested in Year 7 and the nursery. Meanwhile, the Open Day on 4th March exceeded expectations in terms of allendance, with 32 families coming lo view the school. The event resulted in a number of registrations for September 2024 places. The Science Olympics grew in popularity, and 30 schools attended. Thi5 Is the perfe¢l event for showing how hands-on the school is, and Mrs Bailey su9gesled running rt again in 2023124, wrth both stale and independent schools. The new Pi18ford Play nursery group has been growing strongly and resulted in a number of new joiners. Since Ihg first session in S&plember 2022, 10 children have been accepted into the school 8nd 3 more are registered. Mrs Bailey ¢realed a number of events, including Year 7 Maslerclas5, Reception Taster Session and Careers Fair. These were all very successful, and we will be carrying on with them in 2023124. We also held a number of internal events for parents, including ChTislmas Wreath Making and a Coronation Party. Meanwhile, Pilsford Post continues lo keep parents in touch with the lalesl news from our school community. A photography shoot in April 2023 created a variety of vibrant new imag&s for the wgbsile and other marketing materials. Our marketing efforts in 2022123 resulted in 327 enquiries. and 247 tasters and tours. 62 pupils joined the school during this year, and a further 38 started in September 2023. Refurbishment During May 2023 half lerm, the girl's toilets in the Main School were ¢ompleled refurbished. These facilities are used by all the senior school girls. This refurbishment included new enclosures, vanity unit including increasing the number of sinks, toilets, flooring and following the students request a 6ft x 4ft mirror. In addition lo this. lo make our visitors space more allra¢live the carpel in Pitsford Hall on the stairs and landing was replaced and the visitor's facilities refuibished. The Score cable connecting the Library and Sports Cgnlie which is an integral part of our IT network was also replaced. Page 8
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of thè Trustees for the Year Ended 31 August 2023 STRATEGIC REPORT Financial review Reserves policy The charitable ¢ompany posted a delicil for the year of £28,449 12022.. £2QO,3211. Unrestricted funds amounted lo £4,719,238 at 31 August 202312022.. £4,747,6871. These funds are earmarked for future development ol the school. As a charity the parents of our pupils have the assurance that all the income of the School musl be applied for edu¢alional purposes. As an educational charity we enjoy lax exemption on our educational activities. As a Charity we are also enti11ed lo an 809A reduction on Our business rates on the property we occupy for our charitable purposes. However, as an educational charity, we are unable lo reclaim VAT input lax on our costs as we are exempt for VAT purposes. The Trustees consider that the School should hold minimum free reserves of two months, expenditure in order lo cover the risks and uncertainties of operating as an independent educational eslablishmenl. Al the year end, free reserves exceeded this levol. The Trustees are responsible for the Dverseeing of the risks face(S by the School. Risks are idenlified, assessed and controls established throughout the year. A formal review of the risk management process is undertaken on an annual basis. Principal risks and uncertaintles The principal risks and uncertainties the Trustees have identified are.. o Recruiting and mainlaining a suitable number of pupils in order lo maintain the pupil roll and therefore the fee income in line with forecast., Maintaining school fees al an affordable level, whilst meeting rising cosls including pension contributions for teaching staff and repaying the bank loans., o External financial risks are kepl under review by the Trustees including the potential for changes in lax legislation or changes in the Irealmenl ol charities.. o Failure lo meet charitable obligations, including those relating lo public benefit,. o Change in Political landscape and proposed changes by some political parties lo actively introduce measures that would result in additional costs or taxes in the Sector", Financial and rlsk management objectives and policies The Trustees have assessed the major risks to whi¢h the company is exposed, in particular those related lo the operations and finances of the company, and are satisfied that systems and procedures are in place lo miligale our exposure lo the major risks. The Tiuslees are responsible for the overseeing of the risks faced by the School. Risks a identified, assessed and Controls established throughout the year. A formal review of the risk management process is undertaken on an annual basis. Future plans The conslruclion of the new Structural Insulated Panel sixth fomi building Commenced with the demolition of the old sixth IOTM during summer 2023. Once completed. the hope Is lo relain and recruit lar hi9her pupil numbers into the sixth form compared lo previous years, with the potential of expanding the Post 16 subject offer. To enhance the IT infraslruclure, the process lo seek lenders have been carried out lo upgrade two servers in both hardware and software. This is erivisaued lo provide a hybrid solution increasing business iesilience and curri¢ulum delivery. This is a significant slep for the s¢hool which wi11 support the IT infrastructure for the next five - seven years. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils governing document, a deed of trust. and constitutes a limited company. limf(ed by guarantee, as defined by the Companies AGI 2006. Page 9
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2023 The charity is conlrolled by ils governing document, 8 deed of Irusl, and constilules a limited Company. limited by guarantee. as defined by the Companies Act 2006. The company is registered as a charitable company limited by ouaranlee and was set up by a Memorandum of Association on 27 ju 1988. The company is consliluled under a MemDrandum of Association dated 27 JU 1988 and is a registered charity number 298910. Recrultment and appointment of new trustees The rnanagemenl of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Organlsational structure The School is registered as a charitable Company limited by guarantee and was incorporated orb 27 July 1988. The liability of the memb&rs is limited. The Trustees are legally responsible for the overall management and control of the School and meet routinely four limes a year, lo a planned schedule, with additional meetings if requirod. Sub-committees consist of EdiJ¢alion & Personnel, Finance & Eslales, Heatth & Safely Commillees and Marketing Committee and all meet prior lo the full board meetings and report into it. All Trustees give their lime freely and no remuneration Dr expenses were paid in the year. No Governor or person connected lo a Governor received any benefit from either means tested bursaries or scholarships awarded lo our pupils. The day lo day running of the School is delegated lo the Headmaster, supported by senior staff. The Headmaster undertakes the key leadership role overseeing the educational, pastoral and administrative functions in conjunction with the senior staff. The School supports the highest standards in the Independent Schools sector and maintains membership of the Association of Governing Bodies in Independent Schools IAGBISI. the Independent Schools Bursars, Association IISBAI and the Independent Schools Council IISCI in order that ils merllbers may contribute lo and share best pra¢li¢e$. Induction and training of new trustee5 The Governing body requires breadth and depth of experience lo carry out ils duties effeclwely and efficiently. Trustees are recruited following nomination of suitable candidates by existing Trustees, the Headmaster or Clerk of Governors. Where a number of candidates apply for one vacancy, consideration is given lo the skills and experience of the candidates relative lo the existing Truslegs. New Trustees are invited into School lo meg1 the Headmasler EVENTS SINCE THE END OF THE YEAR After the year end and before the sign off of the financial slalemenls, there was an event of a signifi¢anl financial maller. These financial slalemenls do not contain any provisions, costs or income in relation lo this event. The financial result of this event will be reported in the 31st August 2024 year end. The event resLJlled in post year end unbudgeted costs and significant reduction in the Charity's assets. The Chaiily has mairilained ¢ashflow forecasts and management reports to ensure effective oversight and control of Charity funds so the charity objectives are continued and unchanged. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees (who are also the directors Df Northamplonshire Independent Grammar School Charity Trust Limited for the purposes of corllpany lawl ale responsible for preparing the Report of the Trustees and the financial slalemenls in accordance with applicable law and Untied Kingdom Accounting Standards (United Kingdom Generally A¢¢epled Accounting Practice). Page10
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of thg Trustees for the Year Ended 31 ALFgust 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES - continued Company law requires the Iruslees to prepare financial slalemenls for each financial year which gre a true and fair view of the slate of affairs of the charitable company and of the Incoming resources and application of resources, including the income and expenditure, of the charitable Company for that period. In preparing those fi'nancial 51alemenls, the Iruslees are required lo select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charity SORP.. make judgements and eslimales that are reasonable and prudent., prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the charttable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose wf(h reasonable accuracy at any lime the financial position of Ihe charitable company and lo enable them to ensure Ihat the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the charitable cornpany and hence for18king reasonable steps for the prevention and detection of fraud and other irregularities. In so f8r as the Iruslees are aware.. there is no relevant audit information of which the charitable company's audltors are unaware.. and the Iruslees have taken all steps that they ought lo have takèn lo make themselves aware of any relevant audit information and lo estsblish that the auditors are aware of that information. AUDITORS The auditors. Infinilas Accounlanls Limited, will be proposed for re-appoinlmenl al the forthcoming Annual General Meeting, Report of the Iruslees, incorporating a strategic report, approved by order of the board of Iruslees, as the company dire¢lors, on 14 March 2024 and signed on the board's behalf by.. S P Phipps- Trustee Page11
Report of the Independent Audltors to the Members of Northamptonshire Independent Grammar School Charity Trust Limited Opinion We have audited the financial slalemenls of Northamplonshire Independent Grammar School Charity Trust Limited Ilhe 'charilable wmpany'l for the ye2r ended 31 August 2023 which ¢omprise the Slalemenl Df Financial Aclivilies. the B8lance Sheet, the Cash Flow Statement and notes lo the financial slalemenls, including a summary of significant accounting policies. The financial roporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial stalemenls.. give a true and fair view of the stale of the charitable company's affairs as at 31 August 2023 and of ils incoming resources and application of resources, in¢luding ils income and expenditure, for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the reqijiremenls of the Companies A¢1 2LIOS. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicabl& law. Our responsibilities uncler those standards are further described in the Auditors, responsibililies for the audit of the financial slalemenls section of our report. We are independent of the charitable company in accordan¢e with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sullicienl and appropriate lo provide a basi8 for our opinion. Concluslons relatlng to going concern In audilir5g the financial slalements, we have concluded that the Iruslees. use of the going concern basis of accounting in the preparation of the tinancial slalements is appropriate. Based on the work w& have performed, we have not identified any material uncertainties lating to events or Conditions Ilial, individualty or collectively, may cast significant doubl on the charitable company's ability lo continue as a going concern for a period of al least twelve months from when Ihfy financial slalements are aulhorised for issue. Our re5ponsibililies and the responsibilities of the Iruslees with respect lo going concern are d&scribed in the relevant sections of this report. Emphasls of Matter We draw your attention to the Post Balance Sheet Events disclosure in note 23. Olher information The Irusle&s are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial slalernenls and our Report of the Independent Auditors Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial slatemenls. our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsi5tenl with the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify su¢h material inconsistencies or apparent material misslalemenls, we are required lo determine whelher this gives rise lo a material misslalement in the financial sla16menls themselves. If, based on the work we havtr performed, we conclude that there is a material misslalemenl of this other information, we are required lo report th81 lacl. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees lor the financial year for which the financial slalemenls are prepared is consislenl with the financial slalements", and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 12
Report of the Independent Auditors to the Members of Northamptonshire Indèpendent Grammar School Charity Trust Limited Matters on whi¢h we are r&quired to report by exceptlon In the light of the knowledge and understanding of the charitable company and 115 environment obtained in the course of the audit, we have not identified material misslatemenls in the Report of the Trustees. We have nothing lo report in respèct of the following matters where the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting recoids have not been kept or returns adequate for our audit have not been Tecewed from branches not visited by us,. or the financial slalemenls are not in agreement with the accounting records and returns,. or certain disclosures of Iruslees. remuneration specified by law are not made., or we have not received all the information and explanations we roquire for our audit. Responslbilities of trust&6s As explained more fully in the Statement of Trustees, Responsibilities, the Iruslees (who are also the dire¢lors of the charitable company for the purposes of company Saw) are responsible fof the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlernal control as the Irustees delemiine is necessary to enable the preparation of financial slalements that are free from material misslalement, whether due lo fraud or error. In preparing the financial slalemenls, the trustees are Tesponsible for assessing the charitable company's ability to continue as a going con¢ern, cSisclosing, as applicable, m211ers related lo going concern and using the going concern basis ol accounting unless the trustees either intend lo liquidate the charitable cornpany or to cease operations, or have no realistic a51ernalive but to do so. Our responsibilities for the audit of tha financial statements Our objeclivos are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstalemenl, whether due to fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assuiance, bul is not a guarantee that an audit conducted in accordan¢¢ with ISAS IUKI will aayS delecl a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material il, individually or in the aggiegale, they could reasonably be expe¢led lo influence the economic decisions of users taken on the basis of these financial slalements. The exlenl lo which our procedures S Capable of delecling irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential liligalion and claims as well as actual, suspected and alleged fraud,. Reviewing minutes ol m¢elings of those charged with governance., 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 ¢ompany through enquiry alld inspection., Reviewing financial slalement disclosures and lesling lo supportin9 documentation lo assess Compliance with applicable laws and regulations., Performing avdil work over the risk of management bias and override of controls, including lesling of journal entries and other adjuslmenls for appropriateness. evaluating the businèss rationale of significant transactions oulsido the normal course of business and reviewing accounting estimates for indicators of potential bias. A further des¢riplion of our responsibilities foT the audit of the financial slalemenls is located on thè Financial Reporting Council's websitè al www.frc.org.uklauditoisresponsibililies. This des¢riplion forms part of our Report of the Independent Auditors. Page 13
Report of the Ind8pendent Audltors to the Members of Northamptonshire Independènt Grammar School Charity Trust Limlted Use ofour report This report is made solely lo the charitable company's members, as a i)ody, in accordance with Chapter 3 of Part 16 of the Companigs Act 2006. Our audit work has been undertaken so that we might slate lo the ch8ritable company's members those mallers we are required lo slate ID them in an auditors, report and lor no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibilrty lo anyone other than the charitable company and the charitable company'5 members as a body. for our audit work, for this report, or for the opinions we have formed. Caroline Armstrong (Senr Slatulory Audilorl for and on behalf of Inlinitas Accounlanls Limited Unil 6 North Business Park Cherry Hall Road Kellering Northamplon5hire NN14 1UE Dale." 14 March 2024 Page 14
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Statement of Financial Actlvltles for the Year Ended 31 August 2023 2023 Total funds 2022 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 200,000 Charitable actlvities Education 3,608,552 3,608,552 3,384,227 Other trading activities Inveslmenl income Other income 14,605 29,599 3,743 14,605 29,599 6,094 11,439 Total 3,656 499 3,656,499 3.601.760 EXPENDITURE ON Raising funds 30,272 30,272 52,477 Charitable activities Education 3.654.676 3,654 676 3,348,962 Total 3 684 948 3 684 948 3,401.439 NET INCOMEIIEXPENDITUREI 128,4491 128,449} 200,321 RECONCILIATION OF FUNDS Total funds brought forward 4,747,687 4,747,687 4,547,366 TOTAL FUNDS CARRIED FORWARD 4 719 238 4719,238 4 747,687 The notes form part ol these financial statements Page 15
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Balance Sheet 31 August 2023 2023 Total funds 2022 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets 7,261,806 7.261,806 7,310,173 CURRENT ASSETS Debtors Cash al bank 14 706.554 1 158,066 706,554 1 158066 781,674 1243 787 1,864,620 1,864.620 2,025,461 CREDITORS AmDunls falling due within one year 15 11,742,506) {1,742,5061 11.750,4601 NET CURRENT ASSETS 122 114 122 114 275 001 TOTAL ASSETS LESS CURRENT LIABILITIES 7,383,920 7,383,920 7,585,174 CREDITORS Amounts falling due after more than one year 16 12,684,S821 12,684,6821 12.837,4871 NET ASSETS 4,719.238 4719238 4.747,687 FUNDS Ullre51ricled funds 20 4 719,238 4 747,687 TOTAL FUNDS 4,719 238 4,747 687 The financial statements were approved by the Board of Trustees and aulhorised for issue on 14 March 2024 and were signed on ils behalf by.. S P Phipps - Trtssle The notes form part of these financial statements Page 16
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Cash Flow Statement for the Year Ended 31 August 2023 2023 2022 Notss Cash flows from operating activitie$ Cash generated from operations Rent received 105,830 14,674 402,568 Nel cash provKJed by operating adivities 91 156 392 892 Cash flows from Investlng actlvities Purchase of tangible fixed assets Sale of tangible fixed assets Inlerest received Rent received 1118,0411 4,600 14.925 14,674 129,9551 1,763 9,676 Nel cash used in investing activities 83 8421 18 516} Cash flows from financing activitles Loan repayments in year Capital repayments in year 187,5371 5,498 183,9091 5,4981 Net cash used in financing activities 93,0351 89,4071 Change in cash and Cash equivalenls in the reporting period Cash and cash equivalents at the bèginning of the reporting period 185,7211 284,969 1,243 787 958 818 Cash and cash equivalents at the end of the reporting period 1 158,066 1,243.787 The notes form part of these financial slalemenls Page 17
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Cash Flow Statement for the Year Ended 31 August 2023 RECONCILIATION OF NET IEXPENDITUREIIINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net lexpenditurellincome for the reporting period las per the Statement of Flnancial Activltiesl Adjustments for.. Depreciation charges Profil on disposal of fixed assets Interest received Decreasellincreasel in debtors {Decreasellincrease in creditors 128,4491 200,321 165,549 13,7431 114,9251 75,120 87,7221 171.817 {1,7631 1127,9321 160,125 Net cash provSded by operations 105830 402,568 ANALYSIS OF CHANGES IN NET DEBT At 1.9.22 Cash flow At 31.8.23 Net cash Cash at bank 1.243 787 1,158 066 1243,787 1.158,086 Debt Finance leases Oebls falling due within 1 year Debts falling duo after 1 year 110,5381 193,8051 2 837,487 5,498 185,2661 172,805 15.040) 1178.8711 2 664 682 2 941630 93,037 2 848 593 Total 1,697,843) 1,690 527 The notes form part of these financial slalemenls Page18
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Flnancial Statements for the Year Ended 31 August 2023 ACCOUNTING POLICIES Basis of preparing the flnancial statements The financial slalemenls of the charitable company, which is a public benefrt 8nlity under FRS 102, have been pr&pared in accoidan¢e with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Slalemenl of Recommended Pra¢lice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reportirig Slandarol applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the histori¢81 cost convention. Incomg All income is recognised in the Slalemenl of Financial Activities once the charity has enlillemenl to the funds, it is probable that the income will b& received and the amount can be measured reliably. All income is re¢ognised onco the company has enlillemenl lo the income, il is probable th81 the income will be received and the amount of incomè receivable ¢an be measured reliably. For legacies, enlillernent is taken as the earlier of the dale on which either.. the company is aware that probate has been granted, the estate has been finalised and nolificalion has been made by the execulorls} to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legaw, in whole or in part. is only considered probable when the amount can be measured reliably and the company has been notified of th8 execuloi's intention lo make a dislribulion. Where legacies have been notified lo the Company, or tho company is aware of the granting of probate, and the Criteria for irscome recognition have not been met, then the legacy is Irealed as a conlingenl asset and disclosed if material. Donated services or facilities are recognised when the company has Control over the item, any conditions associated with the donated item have been tnel, the receipt of economic benefit from the use of the company of the item is piobable and that economic benefit ¢an be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer lime of the Friends is not recognised and refer lo the Tiuslees, report for more information about their conlribulion. On receipt, donated professional setvices and donated facilities are recogni5ed on the basis of the value of the gift lo the ¢omp8ny which is the amount Ihe cornpany would have been willing lo pay lo . obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Income 18x recoverable in relation lo donations rèceived under Gift Aid or deeds of covenant is recognised at the lime of the donation. Income tax recoverable in relation lo investment income is recognised al the lime the inveslrnenl income is receivable. Expenditure Liabilities are COgniSed as expenditure as soon as there is 8 legal or conslru¢live obligation commilling the charity lo that expendrture, il is probable that a Iransler of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the ¢alegory. Where costs cannol be dir8clly allribuled lo particular headings they have been allocated lo activities on a basis consislenl with the se of resources. Raising funds Costs of gelleraling funds are ¢0sts incurred in attracting voluntary incame, and those incurred in trading activities that raise funds. Page 19 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements contlnued for the Year Ended 31 August 2023 ACCOUNTING POLICIES- ¢ontlnued Charitable actlvities Expenditure is recognised once the is a legal or conslruclive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amouril DI the obligation can be mèasured reliably. Expendiluie is classified by a¢livily. The Costs ol each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs atlribulable lo a single activity are allocated dire¢lly lo Ihal activity. Shared costs which Contribute lo moro than one aclivty and support costs which are not allribulable lo a single activity are apportioned between those activities on a basis consislenl wrth the use of resources. Central staff costs aro allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Tangible flxed assets Depreciation is provided at the following annual rates in order lo write off each asset over ils eslimaled useful All assets costing more than £1,000 are Capilalised. Property Improvements Furniture and equipment Gardening and grounds vehicles Junior School Over 10 10 50 years Over 3 10 10 years Over 4 years Over 50 years Taxatlon The charity is exempt from corporation lax on ils charitable aclivilies. Fund acGounting Unreslricled funds can be used in accordance with the charitable objectives al the discretion of the Iruslees. Reslricled funds can only be used for particular reslilcled purposes within the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised for particular restricted purposes. Furth8r explanation of the nature and purpose of each fund is included in the notes lo the financial slalemenls. Pension cost5 and other post-retirement benefits The ¢harilable company operates a defined contribution pension scheme. Contributions payable lo the charitable company's pension scheme are Charged lo the Slalemenl of Financial Aclbvilies in the period lo which they relate. DONATIONS AND LEGACIES 2023 2022 Donations 200.000 Page 20 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statemgnts - contlnued for the Year Ended 31 August 2023 OTHER TRADING ACTIVITIES 2023 2022 Fundraising events INVESTMENT INCOME 2023 2022 Rents received Deposit account interest 14,674 14,925 9.676 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Activity EdLJcalion Nel school fees receivable Other income reSaling lo 8ducation Insurance income 3,096.526 2.946,756 Education Education 510,676 437.471 3,608 552 3 384 227 RAISING FUNDS Raislng donatlons and legacles 2023 2022 Advertisinglmarkeling fees Event expenditure 18,557 11,715 45,811 6.866 30,272 52,477 CHARITABLE ACTIVITIES COSTS Support costs (see note 81 Direct Costs Totsls Education 2,861 000 793 676 3,654 676 Page 21 continued.
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements - continued for the Year Ended 31 August 2023 SUPPORT COSTS Governance costs Management Finance Other Totals Education 212 671 204,874 365 501 10,630 793.676 Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out al Headquarters. Governance Costs are those incurred in connection with adminislralion of the company and Compliance with conslilulional and slalulory requirements. NET INCOMEIIEXPENDITURE} Nel incomel{expendilurel is slated after charging/lcrediling)'. 2023 2022 Auditors, remLtneralion Depreciation - owned assets Surplus on disposal of fixed assets 10,630 165,549 6,890 171,816 io. TRUSTEES, REMUNERATION AND BENEFITS There were no Iruslees, remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022. Trustees, expenses There were no Iruslees, expenses paid for the year ended 31 August2023 nor for the year ended 31 August 2022. 11. STAFF COSTS 2023 2022 Wages and salaries Social security costs Other pension costs 1,775,935 168,040 301,155 1,689,538 161,593 304 209 2 245,130 2,155340 The average monthly number of @mployees during the year was as follows.. Teaching Supptsrt and technical Other 2023 32 12 2022 34 12 19 63 65 Page 22 Continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements - continued for the Year Ended 31 August 2023 11. STAFF COSTS- Continued The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2023 2022 £60,001- £70,000 £80,001 £90,000 £90.001- £100,000 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES All income and expenditure for 2021 related lo unrestricted funds. TANGIBLE FIXED ASSETS 13. Furnlture, Improvements Equipmènt to and property Vehlcles Freehold property COST Al 1 September 2022 Additions Disposals 3,424.080 2,771,625 22.598 402,583 23,740 2,664 Al 31 Augu812023 3,424.080 2 792,753 423 659 DEPRECIATION Al 1 September 2022 Charge for year Eliminated on disposal 795,761 88.245 317,079 31,107 2,884 At 31 August 2023 883.393 345,522 NET BOOK VALUE AI 31 Au9usI 2023 3 424,080 1,909 360 78,137 Al 31 August 2022 3 424,080 1 975,864 85,504 Page 23 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements continued for the Year Ended 31 August 2023 TANGIBLE FIXED ASSETS- continued Sixth Form Centre Junior School Totals COST Al 1 September 2022 Adrlilions Disposals 2.309,869 8,908,157 118,039 71,701 Al 31 August 2023 2,309,869 9 022,062 DEPRECIATION At 1 September 2022 Charge for year Eliminated on disposal 485,144 46,197 1,597,984 165,549 Al 31 August 2023 531341 1760,256 NET BOOK VALUE Al 31 August 2023 1 778,528 7,261.806 At 31 August 2D22 1 824 725 7,310 173 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors Other debtors Prepayments and accrued income 578,968 6,188 121 398 678,059 1.093 102 522 706,554 781874 15. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Bank loans and overdrafts (see note 171 Fin2nce leases (see note 181 Trade creditors Social security and other taxes OlheF creditors Accruals and deferred income 178,871 5,040 61,537 40,395 42,457 1414 208 93,605 10,538 52,878 41,093 41,764 1510 582 1,742 506 1750 460 Page 24 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Not89 to the Financial Statements - continuèd for the Year Ended 31 August 2023 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Bank loans (see note 171 2 664.682 2 837.487 17. LOANS An aaSiS of the malurily of loans is given below.. 2023 2022 Amounts falling due within one year on demand.. Bank Soans 178 871 93 605 Amounts lalling between one and two years.. Bank loans - 1-2 years 185,615 197,070 Amounts falling due between two and five years.. Bank loans - 2-5 years 2,479 067 2.640 417 18. LEASING AGREEMENTS Minimum lease payments fall due as follows.. Finance leases 2023 2022 Nel obligations repayable.. Within one year 10 538 Non.cancellable operating leases 2023 2022 Within one year 8ebNeen one and five years 5,040 5,672 4866 10538 Page 25 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements contlnued for the Year Ended 31 August 2023 SECURED DEBTS The following secured debts are includ&d within creditors.. 2023 2022 Bank loans 2 843 553 2 931,092 Banks loans are secured by fixed and floating charges over the Fre6hold Property of the Company. MOVEMENT IN FUNDS 20. Net movèment in funds At 31.8.23 At 1.9.22 Unrestrlcted funds General fund 4,747,687 128,449) 4,719,238 TOTAL FUNDS 4,747,687 28 4491 4,719,238 Nel movement in furids, included in the above ale as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 3,656,499 13.684,948) 128,4491 TOTAL FUNDS 3,656,499 3,684 9481 28,4491 Comparatives for movement in funds Net movement in funds At 31.8.22 At 1.9.21 Unrèstricted funds General fund 4,547,366 200,321 4.747,687 TOTAL FUNDS 4,547.366 200,321 4,747 687 Page 26 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to thè Financlal Statements continued for the Year Ended 31 August 2023 20. MOVEMENT IN FUNDS-continuÈd Comparative nel movement in funds, included in the above are as follows.. Incoming resources Resources expended ovèment in funds Unrestricted fund5 General fund 3.601,760 13,401,439) 200,321 TOTAL FUNDS 3 601.760 3,401.4391 200 321 A Current year 12 months and prior year 12 months combined position is as lollows.. Net movement In funds At 31.8.23 At 1.9.21 Unrestricted funds General fund 4.547,366 171,872 4.719,238 TOTAL FUNDS 4 547 366 171 872 4,719.238 A current year 12 months and prior year 12 months combined n&t movement in funds, included in the above are as follows.. Incoming resources ReSoUeS expendod Movement in funds Unrestrlcted funds General fund 7,258,259 17,086,387) 171,872 TOTAL FUNDS 7 258 259 7.086,387} 171.872 21. EMPLOYEE BENEFIT OBLIGATIONS The charitable company's leaching employoes belong lo the Teachers. Pension Scheme England and Wales ITPSI The latest actuarial valLsalion ol the TPS related lo the period ended 31 March 2016. There were no oulslanding or prepaid contributions al either Ihe beginning or the end of the f1nancial year. Introduction The Teachers, Pension Scheme ITPSI is a slatulory, conlribulory, defined benefit scheme, governed by the Teacheis, Pension Scheme Regulations 2014. Membership is automatic for teachers in acad¢mies. All te8cheis have the option lo opt out of the TPS following enrolment. Page 27 continued..
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statemenls - continued for the Year Ended 31 August 2023 21. EMPLOYEE BENEFIT OBLIGATIONS. continued The TPS is an unfunded scheme lo which both the member and ernploy&r makes conlribulions, as a perc&nlage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Par112menl. Valuation The Government Actuary, using normal actuarial principles, conducts a form81 actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The lalesl actuarial valuation of the TPS was carried out as al 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and sub5equont consullalion are. employer contribution rates sel al 23.68'/0 of pensionable pay (including a 0.080K employer administration charge) tot81 scheme liabilities (pensions currently in payment and the eslimaled ¢051 of future benefits) for service lo the effedive dale of £218,100 million, and notional assets {eslimated future contributions together with the notional investments held al the valuation dale) of £196,100 million giving a notional past service delicil of £22,000 million the SCAPE rate, sel by HMT, is used lo determine the notional investment return. The Current SCAPE rale is 2.4°/o above the rale of CPI. The assumed real rale of return is 2.4 % in excess of prIS and 20A in ex¢ess of earnings. The rale of real earnings growth is assumed lo be 2.20A. The assumed nominal rale of return including earnings growth is 4.45Q/o. The next valuation result is due lo be implemented from 1 April 2023. The employer's pension costs paid lo the TPS in the period arnounled lo £287,77912020.' £320,795). A copy of the valuation report and supporting documentation is on the Teachers, Pensions website. Under the definitions sel out in FRS 102, the TPS is an unfunded mulli-employer pension scheme. The charitable company has aGcounled for ils conlribulions lo the scheme as if il were a defined conlribulDn scheme. The ¢harilable company has sel out above the information available on the scheme. RELATED PARTY DISCLOSURES 22. Governors. liability insurance premium costs borne by the trust The Governors received no remuneration. no benefits and no reimbursement of expenses during the year. One Governor paid normal school lees Iless dis¢ount} for two children being educated al the school. One Governorfs spouse works in the school. Page 28 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements - continued for the Year Ended 31 August 2023 23. POST BALANCE SHEET EVENTS After the year end and before the sign off of the financial slalem6nls, there was an event of a signili¢anl financial matter. This is a non-adjusling event for the 31sl Augusl 2023 year end. Thes& accounts do not ¢onlairTr any provisions, costs or income in relation lo this event. The financial result ol this event will be reported in the 31 sl August 2024 year end. The event resulted in Ljnbudgeted costs and significant reduction in the Charity's assels. The Charity has maintained cashllow lorècasls and management reports post year end to ensure oversight and control of Charity funds lo ensure the charity objectives are continued and unchanged. Page 29
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Detailed Statement of Financial Activities for the Year Ended 31 August 2023 2023 2022 INCOME AND ENDOWMENTS Donations and legacies Donations 200,000 Other trading activlties Fundraising events 14,805 6,094 Investment income Rents received Deposit account interest 14,674 14,925 9,678 1.763 29,599 11,439 Charitable activities Nel s¢hotsl fees receivable Other income relating lo education Insurance income 3,096,526 510,676 2.946,756 437,471 3,608,552 3,384,227 Othgr Income Gain on sale of tangible fixed assets Total incoming resources 3,656.499 3,601,760 EXPENDITURE Ralslng donations and legacies Advertisinglmarkeb'ng fees Event expenditure 18,557 45,611 30,272 52,477 Charitable acttvities W89es Social security Pensions T¢aching costs Welfare costs Premises costs Depreciation of tangible fixed assets 1,578,483 152,821 301,155 209,375 221,263 232,354 165,549 1.517,260 147.780 304,209 154,714 194,147 196,821 171,817 2,861.000 2,686,548 This page does not form part of the slalulory financial slalemenls Page 30
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Detailed Statement of Financial Activltles for the Year Ended 31 August 2023 2023 2022 Support costs Management Wages Social security 197,452 15,219 172,278 13.813 212,671 186,091 Finance Bank charges 204,874 116,017 Other Sulldries 365,501 353,416 Governance costs Auditors, remuneration 10,630 6,890 Total resouF¢es expended 3 684.948 3.401439 Net lexpenditure>lincome 28 4491 200,321 This page does not form part of the statutory financial slalemenls Page 31