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 Compl￿allOnS 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 hol￿aYS, 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 gr￿e 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 a￿ayS 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 (Sen￿r 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 a￿a￿SiS 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
ReSoU￿eS
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 prI￿S 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