REGISTERED COMPANY NUMBER: 02281187 (England and Walesl REGISTERED CHARITY NUMBER.. 298910 Report of the Trustees and Financial Statements for the Year Ended 31 August 2024 for NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) TIA PITSFORD SCHOOL Infinilas Accountants Limited Uni16 North Business Park Cherry Hall Road Kellering Northamplonshire NN14 1UE
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Contents of the Financlal Statements for the Year Ended 31 August 2024 Page Reference and Administrative Detalls Report of the Trustees 2 10 10 Report of the In(Jependent Auditors 11 10 13 Statement of Financial Activities 14 Balance Sheet Cash Flow Statement 16 Notes to the Cash Flow Statement 17 Notes to the Finan¢lal Statements 18 10 28 Detailed Statement of Financial Actlvlties 29 10 30
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Reference and Administrative Detalls for the Year Ended 31 August 2024 TRUSTEES J J Brown Dr M S Gaskell IresvJned 7.12.23) Ms J Harrop A K J Moodie A Ross Reverend S J Troll J S Weilzel MsBAHill S P Phipps (Chairl Ms L Mohess (resigned 25.3.241 COMPANY SECRETARY Mrs S G Sherlock REGISTERED OFFICE Pilsford Hall Pilsford Northampton Northamplonshiro NN6 9AX REGISTERED COMPANY NUMBER 02281187 (England and Wales) REGISTERED CHARITY NUMBER 298910 INDEPENDENT AUDITORS Infinrtas A¢¢ounlants Limited Unil 6 North Business Park Cherry Hall Road Kellering Northamptonshire NN14 1UE SOLICITORS Howes Percival, Oxford HoLlSe. Clrfionville, Northampton, NN1 5PN BANKERS Barclays Corporate Bank, 1-2 Trinily Way, Chingford, London, E4 8TD Page 1
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL R6POrt of the Trustees for the Year Ended 31 August 2024 The trustees who are also dire¢lors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements ol the ¢harily for the year ended 31 August 2024. The Iruslees have adopted the prowsions of A¢counling and Reporting by Charities." Slalement ol Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and alms The objects of the School are lo promote and provide for the advancement of education and continue to develop School that is run with prin¢iples of the Church of England, for pupi15 of both sexes. We aim, through our EYFS. Junior and Senior School, lo operate an independent day school for boys and girls from the age of 3 10 18, educating them lo a high standard and so enabling them to move on to suitable higher education or the workpla. We promote the academic, moral and physical developmenl of our pupils through our academic curriculum, pastoral Care, sporting and other aclivilies. We provide an educational environment where each pupil can develop and fulfil his or her potential, building their self-¢onfidence and ¢onlribuling to the wder ¢ommLinity. 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 Ihey Can embark on Iheirjoumey IhroLJgh life beyond the confines of schoo5 and home. Our School welcomes pupils from all backgrounds, with the acceptance threshold being sel lo an average pass mark. The size of the school and the small class sizes contribute lo the school's ability lo ensure each pupil achieves their maximum polenlial in 211 areas. We are able lo encourage our pupils in the classroom, on the sports field and in the theatre, ensuring that each and every child leaves the School as well-rounded, Confident indwiduals. With an acceptan threshold sel al average academic ability, excellent examination results prove that the School is able lo lake pupils with avefftge academic ability and working ¢losely with them, ensure they achieve the best results possible. Our objectives are sel to reflect our educational aims and ethos of the school. 11 is important to us that we maintain and enhance the academic success of the School. Our key objectives for this year in¢luded.. o To continue to develop the first class pastoral cale we provide for our pupils., o To provide continuing support of our pupils already in receipt of fee assistance through bursaries.. o To offer pupils information lo assist with career choices and decisions., o To deliver an academic education suitable for their chosen career., o To make pupils aware of social and cultural issues that will enrich their lives., o To develop an understanding and recognition of the need lo serve the community., o Making pupils caring and sensitive lo others,. o To enable pupils lo work both independenlly and as part of a team., o To allow pupils lo use their inilialive and develop their self-conlidence., o To increase pupil numbers at our JL*nior S¢hool., o To provide continuing support of our pupils already in receipt of fee 88Si81ance through scholarships. Page 2
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of thè Trustees for the Yèar Ended 31 August 2024 OBJECTIVES AND ACTIVITIES Significant activitiès Pitsford School is a charitable Irusl which seeks lo benefrt the publ by providing a first class education, independent of the Slate system. We aim for the highest quality of academic luilioll and the development of wider sporting, artistic and so¢ial skills in all our pupils. We offer an environment where each pupil can develop and fulfil their polenlial, in order lo help build sew-confidence and encourage a lifelong desire lo conlribule lo the wider community. Our strategy aims to enable our pupils lo achieve their full potential through offering small ¢lass sizes and a wide variely of opportunity through academic and extra-curricular activities. We have continued to ensure wide public aCSS lo the School with the burs8ries and scholarships available. We also provide a comprehensive list of Edtjcalional Trust Funds to those lo whom the bursary offered may be insufficient lo en8ble them lo allend the school. Public benefit In selling our objectives and planning our activities the Governors have given careful consideration lo the Charity Commission's guidance on public benefit and, in particular, to ils supplementary public benefit guidance on advancing education and on fee-charging. Our fees are sel al a level lo ensure the financial viability of the School and al a level that is consistent with OUT aim in providing a high standard of education lo all pupils. P8ge 3
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2024 STRATEGIC REPORT Achievement and performance Charitable activities Academic 2024's examination results were good and the GCSE class of 2024 is the strongest overall for several years. In particular, the lop two-thirds of the year could be Considered oulslanding and their results would sland CDmparison with the lop schools in the country. 11 is pleasing lo note that as well as the year group as a whole securing excellent results. with the highest percentage of grades secured al '9, since the move lo the new grading system. the school retained record high number ol students into Sixth Form, including almost all of the strongest academics. Al the same lime, in line wilh the school's educational mission, creative and dialogic timetabling was deployed to offer the maximum number of students the chance to continue their studies al Pilsford if this was the best selling for them. In terms of A level, the perntage of grades A'_A, and A'.C was higher than the last three years and reflects well on the performance of the cohort and how many of them outperformed predictions. The EPQ of 2024 was very successful, with all grades A'_A. University applicalions were successful, wlh students securing offers for Medicine, Anthropology, History and Music. The vast majority of destinations were Russell Group or equivalent universities, including Durham, Royal Holloway, Leicester and Bristol. The school sports programme has ON again continued lo expand with the pupils proved wlh a number of different sporting opportunities both as a member of a team or an individual. The timetable provides pupils with a double PE lesson for Years 7-9 and games session for all including Years 12 and 13. Senior games afternoons provide all with an opportunity of choice with many opting to continue lo represent the school on the netball court and football pitch. The school continues lo provide academic GCSE PE and Blec Sport More pupils are opting lo help within the PE department for their DofE volunteering alongside their skill requirements. Junior School PE and games has been laughl by PE specialists which has had an impa¢l on skill developn)enl from an eady age. The inclusion ol sports fixture has also enhanced the junior pupils learning expeTiences and sel a good base on which lo build when Iransilioning into the Senior school. Senior pupils have had opportunities lo participate in a variety of different physical activities including.. cardio, yoga, cross country, table tennis, badminton, mulli sports. football. rounders, cricket, netball, rugby, paddle boarding. rock climbing. Inter house events have taken place throughout the year, which are always fiercely compelilive. There has been the nnual inter-house cross country, rugby. netball, football. cricket, rounders and alhlelic for all lo compete in. The inclusion of choice lo complete a number of laps of the Pilsford run has seen the number of senior pupils completing three laps increase lo achieve more house points. The s¢hool enters town, district. county and national events competing against both slate and private schools on a regular basis. Weekly fixtures provide all with an opportunity lo represent the school in al least 2 different sports in the year, with many more participating in more sports, depending on their specialisms. ISA event have also been entered with the school competing in rugby. netball. cross country, and alhlelics Mith a number of pupils qualifying lo represent the midlands schools in individual events (cross country and alhlelicsl. PEICo8ching staff have been able lo attend all events working for the benefit of the pupils and their sporting experience{sl During the year-. Tennis Players representing local tennis clubs and allending regular tennis session8 2 pupils started their Levèl 1 ¢oaching qualification Page 4
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trusteès for the Year Ended 31 August 2024 Golf Unfortunately due lo exam commitments the golf team were not able lo defend their ISA lille al Worksop College County golf team selection Alhlelics 2 athletes qualified lo representing the IAS Midlands schools al Alexander Stadium,1 plad 2nd in the National event in 20Qm Increased number of pupils regularly participating in Park Runs Increased number competing for local alhlelics Clubs both on the track with club league fixtures lake place throughout the year A number continue lo be members ol athletS clubs which train al Moullon College {Northamplon Town and Rugby and District clubs) Cross Country - A variety of different age groups participated in the ISA annu81 cross country meet al Bedstone Colleoe , Shropshire A number of alhleles ¢ompeled in the dislri¢l cross country &venl al Abington Park with a few qkjalifwng lo represent the town team in the county championships 2 members of the staff have Competed in iegular club and county events running all over the midlands 1 member of staff has again competed in endurance events 1 senioT runner has taken their Level 1 coaching qLJalilicalion and coaches younger alhleles on a regular basis al Market Harborough Alhlelics Club Trampolining Ex pupil of the school has been in Las Vegas working for Cirque du Soleil Football a greater number of individuals in both the junior and senior school have continued playing for local football clubs on a regular basis in eounlylarea leagues Table tennis 1 player is competing weekly in league fixtures for Smash Table Tennis club in the local leagufj and has attended county training Netball A number of individuals joining local netball teams playng competitive fixtUTes over the weekends Horse riding A variety of different ages competing in local and national events 1 pupil has taken a gap year lo compete in Spain Hockey 2 individuals play for the male teams al Northampton Saints Hockey Club 1 in Goal for the 4th team and 1 On the pitch for the 1st team Rugby Individuals across the age groups represent local rugby clubs in their re8pe¢tive age groups Dance - A number of dancers in the junior and senior school participating in local dance performanceslshows Swimming A few individuals participate in extra-curricular swimming lessons swimming in local ¢lubs Cricket A few individua5s continue lo represent local cricket clLJbs Page 5
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2024 Water Polo An individual plays for a water polo team and has been lo GB Irialsltraining sessions Refereeing 1 individu21 has continued refereeing on a regular basis for Kellering Town Rugby Club in junior league fixtures Duke of Edinbu h Award In September 2023, 22 year 10 pupils signed up lo the Bronze level award scheme. The Monday after school sessions in activity lime covered training in hard skills SLJ¢h as navigation, campcrafl, cookinglslove use and first aid, along wlh extensive route planning for the training walks and assessèd expedition. The assessed expeditions were successfully completed in the challenging countryside of the Derbyshire Peak Dislricl with the aid of local guides form Peak Expeditions who acted as independent assessors. Mally pupils Continue to assist in other areas of school life helping lo run clubs and 8clivities in both Juniors and Senior school conlribuling lo many areas of school life. We had 17 Bronze awards completed in the year and celebrated and presented at Speech Day. The Gold Award cohort was a small bul very active group of four Ic>wer sixth form pupils who were very quick to gel lo grips with the high level of training need to be self-sufficienl on their mountain expeditions. Along with practical navigation training in the after school sessions and three day-walks covering forest and upland environments the tearll was prepared for arduous final training in the Rhinog mountains of southern Snowdonia and their successful assessed expedition in northern Snowdonia. Collectively the group resurrected the school sixth form luck shop 2nd worked towards the other areas of the award. We had completions of the Gold Award. We are very fortunate lo have ¢onlinued help from many slalf members including Mrs Care in the Tole of Award Verifier and Mr Lewis assisting in both Bronze and Gold programmes, Mrs Jelhwa helped with the Bronze training and also expedition and was critical for ils success, Mrs Kirk joined the whole gold expedition program along with Mr Lewis who volunteered after retiring from school. The DofE group is very thankful for their continuing support and the other members of staff who support participants in their volunteering. sports and skills section a¢tivilies around school as well as providing extra support on our training walks and expodilions. Fundraising actlvities During the year, Pilsford School pupils raised £1,969 12023.. £2,911), which was donated lo 10 {2023.' 101 different charitable causes, through a wide variety of fund-raising efforts. The Faraway Children's Charity £955, Helen & Douglas House Hospice £219, Amal Earthquake Appeal £151, Movember £150, Kelly's Heroes £130, Comic Relief £128, Punching 4 Periods £77, NANNA £75, Northampton Street Pastors £67, Northampton Hope Centre £17. Throughout the year, the number of local community groups who have used the school grounds and facilities continue lo increase. These include, Favours Day Nursery, Spr8llon and Pilsford Football Club, Brixworth Cricket Club. RG Cricket. PDET, Th6 Artsmilh, Pilsford Primary School and Northampton Alhlelics Club. Investment pèrformance The investment powers specified in the governing instrument allow the Governors lo deposit or invest in any manner but lo invest only after obtaining advice from a financial expert. Internal and exlemal factors The Trustees intend lo ¢onlinue their current strategies of maintaining the School's position in a competitive market by investing to provide high quality education for our pupils. Achieving a high standard of a¢ademic results is a constant aim whilst maintaining the breadth and depth of the education provided. Our future plans ale financed primarily from fee in¢ome and from our reserves. The Trustees need to maintain an aquilable balan¢e ensuring our current pupils benefit whilst, al the same lime, ensuring a sound inlraslruclure and financial base are preserved for the next generation of pupils in the same way as our current pupils benefit today from the investment made in the past. Page 6
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2024 STRATEGIC REPORT Achievement and performance Marketin 2024-2025 has been a year of transition in Marketing as Mrs Jackman retired from the post of Registrar and Marketing in March, lo be replaced by Mrs Bevan in April. Mrs Jaokman's work demands allenlion and respect on a number of levels bul mosl notably. she merits praise for the immense improvement in the quality of our public-facing events and activities, whh look place under her lead. Similarly, Mrs Jackman look charge ol social media and Iransfomied the volume and qLJality produced, She wll be missed and we are fortunate in having sOUrd such an accomplished rep5acemenl. Our Open Day in October was popular with potential parents. Run in collaboration with Ambleglow Marketing, we secured a large number of visits on the day and universally positive feedback. The event resulted in a number of registrations for September 2025 places and recruilmenl Continues. The Science Olympics grew in popularrty, with our highest ever attendan in terms of schools visiting and participants. Blessed by wonderful weather, the day was impaclful and enjoyable for all and we must express gratitude lo the Science Department, led by Dr Ewngton, who devised and delivered such an oulslanding event. The new Pitsford Play nursery group has be&n growing strongly and resulted in a number of new joiners. Since the first session in September 2022, 15 children have been accepted into the school and we expect more lo be registered over the coming months. Financial r8view Reserves policy The charitable comp8ny posted a deli¢il for the year 01 £204.512 12023.. £28,449). Unreslricled funds amounted lo £4,514,726 al 31 August 202412023.. £4,719,238}. These funds are earmarked for future development of the school. As a charity the parents of our pupils have the assurance that all the income of the School musl be appli¢d for educational purpose5. As an educational Charity we enjoy lax exemption on our educational aclimties. The Trustees consider that the School should ho5d minimum free reserves of two months. expenditure in order lo Cover the risks and uncertainties of operating as an independent educational establishment. Al the year end, free reseNes exceeded this level. The Trustees are responsible for the overseeing of the risks faced by the School. Risks are identified, assessed and controls established throu9houl the year. A formal review of the risk management process is undertaken on an annual b8S1S. Going concern The Trustees have considered the financial position of the Charily, including the Current level of reserves, cash flow forecasts, and the slalus of its banking facilities. A signifi¢anl bank108n is due for renew31 in the coming months, and the Charity is actively working with independent banking brokers lo review refinancing options that provide long-lerm value for money. The Trustees are exploring a nLSmber of slralegi¢ options lo servi¢e or repay the loan and support tha longer-lerm business plan, including operational efficiencies. income generation inilialives, and pol¢nlial reslrucluring of financial arrangements. Based on these considerations, and after reviewing the forecasts and assurnplions, the Trustees have a reasonable expectation that the Charity has adequate resour$ lo continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. Page 7
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year End8d 31 August 2024 STRATEGIC REPORT Principal rlsks and uncertainties The principal risks and uncertainties the Trustees have identified are.. o Re¢ruiling and mainl8ining a suitable number of pupils in order to maintain the pupil roll and therefore the fee income in line with forecast; o ThAainlaining school fees al an affordable level. whilst meeting rising costs including pension contributions for leaching staff and repaying the bank loans., o External financial risks are kept under review by the Trustees including the potential for changes tax legislalion or changes In the Irealmenl of ¢haiilies-, o Failure lo meet Charitable obligations, including those ralaling lo public benefit., o Change in Political landscape and proposed changes by some political parties lo actively intr(Kluce measures that would result in additional costs or taxes in the Sector., Flnancial and rlsk management objectives and policles The Trustees have assessed the major risks lo which the company is exposed, in parti¢ular those related lo the operations and finances of the company. and are satisfied that systems and prodUreS are in place lo miligale our exposure lo the major risks. The Trustees are responsible for the overseeing ol the risks faced by the School. Risks are identified, assessed and controls established throughout the year. A formal review of the risk management process is undertaken on an annual basis. Future plans Our immediate priorities are lo complete the scheduled upgrade of the hardware in our computer suites. This will form part ol the broader strategic digital learning plan of the school which will accompany the introduction of a Bring Your Own Device policy from KS2 to KSS. Alongside this. the school will complete its delayed full migration lo Office 365 which will allow the hardware and structures of the school lo support the innovative pedagogy of our teachers and the forward-facing learning styles, and needs, of our sludenls. In addition, some extra work will be undertaken lo lesl and. where necessary, improve, our wifi mesh, which will allow the provision of a new Study Hall in the Refe¢lory in the New Quad. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by rts governing document. a deed of trust, and conslilutes a limited company, limited by guarantee, as defined by Ihe Companies Act 2006. The charity is conlroll&d by ils governing document, a 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 guarantee and was sel up by a Memorandum of Association on 27 July 1888. The company is consliluted under a Memorandum of Association dated 27 July 1988 and is a registered charity number 298910. Recruitment and appointment of new trustees The management of the company is the responsibility of the Trustees who ale elected and Co-opted under the terms of the Articles of Association. Page 8
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisatlonal structure The School is registered as a charitable ¢ompany limited by guarantee and was incorporated on 27 July 1988. The liability of the members is limited. The Trustees are legally responsible for the overall management and control of the School and meet routinely four lirnes a year, lo a planned schedule, wrth additional meetings il required. Sub-commillees consist of Education & Personnel, Finance & E51ales. Health & Safety Commillees and Marketing C(*mmiltee and all meet prior lo the full board meelings and report into it. All Trustees give their time freely and no remLJneffilion or expenses were paid in the year. No Governor or person connected lo a Governor received any benefit from either means tested bursaries or s¢holarships 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 adminislralive functions in coniunclion 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, Society of Head5 and the Independent Schools Council {ISCI in order that its members may ¢onlribule to and share best pmclices. Induction and trainlng of new trustees The Governing body requires breadth and depth of experience to carry out ils duties effectively 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 exPernce of the candidales relative lo the existing Trustees. New Trustees ar& invited into School to meet the Headmaster EVENTS SINCE THE END OF THE YEAR Included in the financial slalemenls is a note regarding a post balance sheet event that has concluded al the lime of signing the accounts. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Iruslees Iwho are also the directors of Northamplonshire Independent Grammar School Charity Trust Limited for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial 51alements in accordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom GeneTally Accepted Accounting Praclicel. Company18w requires the Iruslees lo prepare financial slalemenls for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources. including the income and expendiluie, of the charitable company for that peri(xl. In preparing those financial statements, the trustees are required to select suitable 8c¢ounting policies and then apply them consislenlly., observe tho methods and principles in the Charity SORP., make judgements and eslimales that are reasonable and pmdenl., prepare the financial slalemenls on the going concem basis unless il is inappropriate lo presume that the charitable company will continue in business. The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial pos11ion of the charitable company and to enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable ¢ompany and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. Page 9
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Report of the Trustees for the Year Ended 31 August 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- continued In so far as the truslees a aware.. there is no relevant audit information of which the charitable company's auditors are unaware, and the trustees have taken 211 steps that they ought lo have taken lo make themselves aware ol any relevant audit infomalion and lo establish that the auditors are aware of that information. AUDITORS The auditors, Infinilas A¢¢ountanls Limited, will be proposed for re-appoinlmenl al the forthcoming Annual General Meeting, Report of the Iruslees, incorporating a slralÈgic report, approved by order of the board of Iruslees, as the company directors. on 23 May 2025 and signed on the board's behalf by.. S P Phipps- Trustee Page 10
Report of the Independent Auditors to the Membors of Northamptonshire Independènt Grammar School Charity Trust Limlted Opinion We have audited the financial slalements of Northamplonshire Independent Grammar School Charity Trust Lirlliled Ilhe 'charilable company'l for the year ended 31 August 2024 which comprise the Slalemenl of Financial Aclivilies. the Balance Sheel, the Cash Flow Slalem8nt and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is appIab]e law and United Kingdom A¢¢ounting Standards (United Kingdom Generalty Accepted AGcounling Praclicel. In our opinion the financial statements.. give a true and lair view of the slate ol the charitable company's affairs as al 31 August 2024 and of ils incoming resources and applicalion of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Ac¢ounting Practice", and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further des¢ribed in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethi¢al requirements that are relevanl lo our audit of the financial statements In the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical respon5ibililies in a¢cordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to prowde a basis for our opinion. Con¢luslons relating to going concèrn We draw attention lo the Trustees, Report and Note 1 to the financial slalemenls, which indicate that the charitable company is in the process of refinancing a significant bank loan due for renewal. As slated in Ihe Trustees, Report, the Governors are exploring a number of options lo service this loan and support the longer-lerm business plan. These events or conditions, along with other mallers as sel forth in the Trustees, Report, indicate that a material uncertainty exists that may cast significant doubl on the charitable company's ability lo continue as a going concern. Our opinion is not modified in respect of this matter. other Informatlon The trustees are responsible for the other illformalion. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors Ihereon. Our opinion on the linancial slalemenls does not Cover the other inforrnalion and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In conneclion with our audit of the financial stalemenls, our responsibility is lo read the other information and. in doing SO, Gonsider whether the other information is materially in¢onsislent with the financial slalemenls or our knowledge obtained in the aLJdil or olherwse appears to be materially misslaled. If we identify such material inconsistencies or appaTenl material misstaleTMents, we are required lo deleimine whether this gives rise lo a material misslalement in the financial slalemenls themselves. 11, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. Opinions on other matters pres¢ribÈd 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 for the financial year for which the finan¢ial statements are prepar8d is consistent wlh the finan¢ial statements., and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page11
Report of Ihe Independent Auditors to thè Members of Northamptonshlre Independent Grammar School Charity Trust Limited Matters on which WÈ are required to port by excèptlon In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing lo report in respe¢l of the following matters where the Companies A¢1 2006 requires us to report lo you If, in our opinion.. adequate accounting re¢oids have not been kepl or returns adequate for our audit have not been received from branches not visited by us", or the financial slalemenls are not in agreement nth 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 require for our audit. Responslblllties of tnJstee3 As explained more fully in the Slalemenl of Trustees, Responsibilitie5, the Iruslees Iwho are also the directors of the charilable company for the purposes of company lawl are responsible for the preparation of the fin8ncial statements and for being satisfied that they give a Irue and fair view, and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial slalemenls Ihal are free from material misstatement, thelher due lo fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the charitable company's ability to ¢onlinue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern b8Sis of accounting unless the twslees either intend lo liquidate the charitable company or to Cease operations, or have no realistic alternative but to do so. Our responslbilities for the audit of the flnancial statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalement, whether duo lo fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasollable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a maleTial misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, indiifjdually or in the aggregate, they could reasonably bo expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. The extent lo which our procedures are capable of delecling irregularities. including fraud is detailed below.. Enquiry of management and Ihose charged with governance around actual and potential liligalion and claims as well as a¢lual, suspected and alleged fraud., Reviewing minutes of meetings of those charged with governance,. Assessing the extent of ¢orNpliance with the laws and regulalions eonsidered lo have a direct material effect on the financial statements or the operations of the ¢orllpany through enquiry and inspe¢lion,' Reviwing financial statement disclosures and lesling lo supporting documentation lo assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of ¢onlrols, including testing of journal entries and other adjuslmenls for approprialeness, evaluating th& business rationale of significant Irallsaclions outside the normal course of business and reviewing accounting eslimales for indicators of potential bias. A further description of our responsibilities for the audit of the financial slalemenls is located on Ihe Finan¢ial Reporting Council's website al www.frc.org.uklaudi(orsresponsibilities. This description foms part of our Report of the Independent Auditors. Page 12
Report of the Independent Auditors to the Members of Northamptonshire Independent Grammar School Charity Trust Limited Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies A¢1 2006. Our audit work has been undertaken so that we might stale lo the charitable companls members those mallers we are required lo state to Ihem in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the charitable company and the charitable ¢ompanls members as a body, for our 8udil work, for this report, or for the opinions we have formed. Caroline Armstrong (Senior Slalulory Auditor) for and on behalf of Inlinilas Accounlanls Limited Unil 6 North Business Park Cherry Hall Road Kellering Northamplonshire NN14 1UE 23 May 2025 Page 13
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Statement of Financial Activltles for the Year Ended 31 August 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 683,656 683,656 Charitable activities Education 3,625.904 3,625,904 3,608,552 Other trading activities Investment income Other income 12.109 21,687 12,109 21,687 14,605 29,599 3,743 Total 4,343,3 4,343,356 3.656,499 EXPENDITURE ON Raising funds 670.079 670,079 30,272 Charitable activities Education 3,877,789 3,877,789 3,654,676 Total 4.547,868 4,547.868 3,684,948 NET INCOMEIIEXPENDITUREI {204,5121 1204,5121 128.449) RECONCILIATION OF FUNDS Total funds brought forward 4,719,238 4,719.238 4,747,887 TOTAL FUNDS CARRIED FORWARD 4,514.726 4,514,726 4,719,238 The notes form part of these financial sialemenls Page 14
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Balance Sheet 31 August 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets 14 7,439.385 7,439,385 7,261.806 CURRENT ASSETS Debtors Cash al bank 15 912,822 1,060,484 912,822 1,060,484 706,554 1,158,066 1,973,3( 1.973,306 1,864,620 CREDITORS Amounts f811ing due within one year 16 {4,897.9651 {4,897,9651 11,742,506) NET CURRENT ASSETS 12,924.6591 (2,924,659) 122.114 TOTAL ASSETS LESS CURRENT LIA81LITIES 4,514.726 4,514,726 7,383,920 CREDITORS Amounts falling due after more than one year 17 12,664,682) NET ASSETS 4,514,726 4,514,726 4,719,238 FUNDS Unreslri¢led funds 21 4,514,726 4.719,238 TOTAL FUNDS 4,514,726 4.719,238 The financial statements were approved by th& Board of Trustees and aulhorised lor issue on 23 May 2025 and were signed on its behalf by.. S P Phipps- Trustee The notes form part of these financial slalemenls Page 15
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Cash Flow Statement for the Year Ended 31 August 2024 2024 2023 Notes Cash flows from operating acttvities Cash generated from operations Rent reiVed 306,577 19,5421 105.830 114.6741 Nel cash promded by operating activities 297,035 91,156 Cash flows from investing activltles Purchase of lanoible fixed assets Sale of tangible fixed assets Interest re¢eived Rent received {335,2181 1118,0411 4,600 14.925 14.674 12,145 9,542 Nel cash used in investing aclivilies 1313,5311 {83,8421 Cash flows from financing a¢tlvities Loan repayments in year Capital repayments in year 176,0461 15,0401 (87,53n {5.498) Nel cash used in financing activities 181,0861 193.0351 Change In cash and cash equlvalents in the reportlng period Cash and cash equivalents at the beginning of the reporting period 197.5821 185,721) 1.158,066 1,243,787 Cash and cash equivalents at the end of the reporting period 1,C60,484 1,158,066 The notes form part of thèse financial slalemenls Page 16
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Cash Flow Statement for the Year Ended 31 August 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expendlture for the reporting period las per the Statement of Financial Activities) Adlustments foY- Depreciation charges Profil on disposal of fixed assets Interest received Ilncreaselldecrease in debtors Increasel{decrease) in creditors {204,5121 128,4491 157,639 165,549 13,7431 114,9251 75.120 187,7221 112.1451 1206,2681 571,863 Net cash provided by operatlons 306,577 105,830 ANALYSIS OF CHANGES IN NET DEBT At 1.9.23 Cash flow At 31.8.24 Net cash Cash al bank 1,158,066 197,5821 1,060,484 1,158,088 197.5821 1.060,484 Debt Finance leases Debts falling due within 1 year Debts falling due after 1 year 15,040) 6,040 {178,8711 12,588,636) 12,864,682) 2,684,682 12,767,507) 12,848,593) 81,086 12,767,507) Total 11,690,527) 116,4981 11,707,023) The notes fom part of these financial statements Page 17
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Flnancial Statements for the Year Ended 31 August 2024 ACCOUNTING POLICIES Basis of preparlng the financlal statements The financial slalements of the charitable Company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities". Slalement of Recommended Practice 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 Slandarcj 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 20(. The financial statements have been prepared under Ihe historical cost convention. Goin Concern The financial stslemenls have been prepared on a going ¢ollcern basis. The Trustees have considered the ¢harily's financial position, including ils cash flow forecasts and the status of a significant bank loan whrch is due for Tenewal. The charity is a¢lively working with banking brokers lo explore refinancing options that provide long-lem value for money. The Governor5 are also reviewing a number ol strategic options lo support the servicing of the loan 8nd the delivery of the longer-lerm business plan. Based on these actions and the Curn1 level of reserves, the Trustees have a reasonable expectalion that the charity has adequate resources lo continue in opeTalional existence for the foreseeable future. Accordingly, Ihey continue to adopt the going concern basis in preparing the financial slalements. Income All income is iecognised in the Slalemenl ol Financial A¢tivities once the charity has enlillement lo the funds, il is probable that the income will be received and the amount can be measured reliabty. All income is recognised once the company has enlillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, enlillemenl is taken as the earlier of the dale on which either.. the company is aware that probate has been granted, the eslale has been linalised and nolificalion has b*n made by the execulorls} lo the Trust that a distribution will be made, or when a distribution is received fiom the eslale. ReIpt of a legacy. in whole or in part, Is only considered prob8ble when the amount can be measured reliably and the company has been notified of the executor's intention to make a dislribulion. Where legacies have been nolilied lo the company. or the company is aware of the granting of probate, and the criteria for income recognition have not been mel. then the legacy is treated as a contingent asset and disclosed if material. Donated seNices or t2¢ililies are recogniged when the company has control over the item, any conditions associated with the donated item have been mel, the receipt ol economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer lime of the Friend8 is not re¢ognised and refer lo the Trustees, report for more information about their conlribulion. On receipt, donated professiollal services and donated facilities are recognised on the basis of the value of the gill lo the COTnpany which is the amount the company would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then re¢ognised in expenditure in the period of receipt. Income lax recoverable in relation lo donations received under Gift Aid or deeds ol covenant is recognised al the time of the donation. Income lax recoverable in relation lo inveslmenl income is recognised al the lime the investment income is re¢eivable. Page 18 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Noles to the Flnancial Statemènts - continued for the Year Ended 31 August 2024 ACCOUNTING POLICIES- continued Expenditure Liabilitie$ are recognised as expenditure as soon as there is a legal or ¢onslruclive obligation committing the charity lo that expenditure, il is probable that a transfer ol economic benefits will be required in selllemenl and the amount of the obligalion can be measured reliably. Expenditure is accounted for on an accruals basis and has been c18ssified undèr headings that aggregate all cost related lo the calegory. Where costs cannot be directly allribuled lo parti¢ul3r headings they have been allocated lo activities on a basis consislenl with the use of resour. Raising funds Costs of generating funds are costs incurred in allracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities Expenditure is recognised once there is a legal or ¢onstruclive obligation lo transfer economic benefit lo a third party, il is probable that 8 transfer of economic benefits will be required in settlement and the arllounl of the obligation can be measured reliably. Expendilure is classified by 8¢tivily The Costs of each a¢tivity are made LJP of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allribulable lo a single adivily are allocated directly lo that aclivily. Shared costs which contribute to more than one activity 8nd support Costs which are not allribulable lo a single activity are apportioned between those activities on a basis ¢onsislenl wlh the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Tangible fixed assets Depreciation is provided al the follow4ng annual rates in order to write off each asset over ils estimated useful All assets costing more than £1.000 are capilaliyed. Property Improvements Furniture and equipment Gardening and grounds vehicles Junior School Over 10 to 50 years Over 3 10 10 years Over 4 years Over 50 years Taxation The charity Is oxempl from corporation lax on ils ch8ritable activilies. Fund accounting Unreslricled funds can be used in accordance with the charitable objectives at the discretion of the Iruslees. Reslricled funds can only be used for particular reslricled purposes within the objects of the charity. Restrictions arise when specified by the donor or when lunds are raised for parti¢ular restricted purposes. Further explanation of the n8lure and purpose of each fund is included in the notes lo the financial stalemenls. Pension costs and other post-retirament benèfits The charitable company operates 3 defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Finan¢ial Activities in the period to which Ihoy relate. Page 19 continued...
NORTHAPTONsH1RE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements - continued for the Year Ended 31 August 2024 DONATIONS AND LEGACIES 2024 2023 Donations Ex¢8plional items 225,000 458,656 683.656 OTHER TRAOING ACTIVITIES 2024 2023 Fundraising events 12,109 14,605 INVESTMENT INCOME 2024 2023 Rents received Deposit account interest 9.542 12,145 14,674 14.925 21,687 29,599 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Nel school fees receThiable Other income relating 10 eduGalion Insurance InMe Activity Education 2,995,234 3.096,526 Edu¢alion Education 630,670 510,876 1,350 3,625.904 3.608,552 RAISING FUNDS Raislng donatior7s and legacies 2024 2023 Advertisinglmarkeling fees Event expenditure 28,389 13,192 18,557 11.715 41.581 30,272 Page 20 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements- continued for the Year Ended 31 August 2024 RAISING FUNDS- ¢ontinued Investment management costs 2024 2023 Support costs 628,498 Aggregate amounts 670,079 3Q,272 CHARITABLE ACTIVITIES COSTS Support costs (see note 81 Direct Costs Totals Education 2.937,165 940,624 3.877,789 SUPPORT COSTS Governance cost5 Management Finance other Totals Investment managemenl costs Educalion 628.498 16,416 628,498 940,624 199,147 239,911 485,150 199,147 239,911 485,150 644,914 1,569,122 Support costs are those ¢osls incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance Costs are those incuTred in connection with adrninislralion of the company and compliance with conslitulional and slalulory requirements. NET INCOMEIIEXPENDITUREI Nel incomel{expendilurel is slated after ¢hargingllcredilingl'. 2024 2023 Auditors, remuneration Deprecialion ~ owned assets Surplus on disposal of fixed assets 16.416 157,639 10,630 165,551 13,7431 Page 21 ¢onlinued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements - contlnued for the Year Endèd 31 August 2024 10. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other benelils for the year ended 31 August 2024 nor for the year ended 31 August 2023. Trustees. expenses There were no Iruslees, expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 1,714,555 160,663 320,738 1,775,935 168,040 301,155 2,195.956 2,245,130 The average monthly number of employees during the year was as follows.. Teaching Support and technical Other 2024 30 12 18 2023 32 12 19 60 63 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 was.. 2024 £60,001- £70,000 £80,001- £90,000 £90,001 - £100,000 £100.001-£110,000 2023 Page 22 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Finan¢lal Statements- contlnuod forthe Year Ended 31 August 2024 EXCEPTIONAL ITEMS During the year Ihe Charity incurred expenditure of an exceptional item relaling lo an incident. The charity was able lo reGover income lo compensate for losses subsequent lo the year-end. The costs and income are shown in these financial slalomenls as an exceptional item. Further information is noted in post balan sheet events note. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES All income and expenditure for 2023 relaled lo unreslricled funds. 14. TANGIBLE FIXED ASSETS Furnituro, Improvements Equipment to and property Vehicles Freehold property COST Al 1 September 2023 Additions 3,424,080 2,792.753 15,487 423,659 4,766 Al 31 August 2024 3,424,080 2,808,240 428,425 DEPRECIATION Al 1 September 2023 Charge for year 883,394 89.562 345,522 21,880 Al 31 August 2024 972.956 367,402 NET BOOK VALUE At 31 August 2024 3.424,080 1.835,284 61.023 Al 31 August 2023 3,424,080 1,909.359 78,137 Sixth Form Centre Junior School Totals COST Al 1 September 2023 Additions 2,309,869 71,703 314,965 9,022,064 335,218 Al 31 August 2024 2.309,869 386,668 9.357,282 DEPRECIATION Al 1 September 2023 Charge for year 531,342 46,197 1,760,258 157,639 Al 31 August 2024 577,539 1,917,897 NET BOOK VALUE Al 31 August 2024 1,732,330 386.668 7,439,385 Al 31 August 2023 1,778,527 71,703 7,261,8C Page 23 ¢onlinued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financial Statements- continued for the Year Ended 31 August 2024 15. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepaymellls and accrued inwne 545,435 213,774 153,613 578,968 6,188 121,398 912,822 708,554 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans alld overdrafts (see nole 18) Finance leases (see note 191 Trade creditors Social security and other taxes Other creditors A¢¢ruals and deferred income 2,767,507 178,871 5,040 61,537 40,395 42,457 1,414,206 84,440 37,196 51,417 1,957,405 4,897,965 1,742,506 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans15ee note 181 2,664,682 LOANS An analysis of the malurily of loans is given below.. 2024 2023 Amounts falling due within one year on demand.. Bank k)ans 2,767,507 178,871 Amounts falling between one and bNo years.. 8ank loans- 1-2 years 185,615 Amounts falling due between two and five years.. Bank loans - 2-5 years 2,479,(7 Page 24 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Flnancial Statements - continued for the Year Ended 31 August 2024 19. LEASING AGREEKIENTS Minimum lease paymenis fall due as follows.. Flnance leases 2024 2023 Nel obligations repayable.. Within one year 5,040 Non-cancellable operating leases 2024 2023 Within one year 5,040 20. SECURED DEBTS The followring secured debts are included within creditors.. 2024 2023 Bank loans 2,767,507 2,843,553 Banks loans are secLJred by fixed and floating Charges over the Freehold Property of the Company. 21. MOVEMENT IN FUNDS Net movement in funds At 31.8.24 At 1.9.23 Unre5tri¢t8d funds General fund 4,719,238 1204,5121 4,514.726 TOTAL FUNDS 4,719,238 1204,6121 4.514,726 Nel movement in funds, included in the above are as follows.. Incoming r6source5 Resources expended Movement in funds Unrestricted funds General fund 4,343,356 14,547.8681 1204,5121 TOTAL FUNDS 4,343,356 14,547,868) 1204,5121 Page 25 continued...
NORTHAMPTONSHIRE INDEPENDENT GFiAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Flnancial Statements - continued for the Year Ended 31 August 2024 21. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement In funds At 31.8.23 At 1.9.22 Unrestricled funds General fund 4,747,687 (28,449) 4,719,238 TOTAL FUNDS 4,747,687 {28,4491 4.719,238 Comparative nel mov6ment in funds, included in the above are as follows.. Incomlng resources Resources expènded Movement in funds Unrèstricted funds General fund 3,656,499 13,684,948) 128.4491 TOTAL FUNDS 3,656,499 {3,684,9481 (28,4491 A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.8.24 At 1.9.22 Unrestricted funds General fund 4.747,687 1232,961) 4,514,726 TOTAL FUNDS 4,747,687 {232.9611 4.514.726 A current year 12 months and prior year 12 months combined nel movement in funds, in¢luded in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 7,999,855 18,232,816) 1232,9611 TOTAL FUNDS 7,999,855 18,232,816) 1232,961} Page 26 continued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Financlal Statement5- continued for the Year Ended 31 August 2024 22. EMPLOYEE BENEFIT OBLIGATIONS The charitable company's leaching employees belong lo the Teachers, Pension Scheme England and Wales ITPSI The lalesl aclLsarial valuation of the TPS related lo the period ended 31 March 2016. There were no oulslanding or prepaid contributions at either the beginning or the end of the financial year. Introduction The Teachers. Pension Scheme ITPSI is a slaluloiy, conlribulory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for teachers in a¢ademie8. All leacheis have the option lo opt out of the TPS following enrolment. The TPS is an unfunded scheme lo which both the member and employer makes contributions, as a percentage of salary. These ¢ontribulions sre credited lo the ExChUer. Retirement and other pension benefits are paid by publi¢ funds provided by Parliamenl. Valuation The Government Actuary, using normal actuari81 principles, conducts a lormal actuarial review of the TPS in ac¢ordance with the publ Service Pensions {Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the VIeW is to specify the level of future conliibulions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other fa¢lors. The lalesl actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valLJalion and subsequent consullalion are.. employer contribution rates sel al 23.68°h of pensionable pay lineluding a 0.08Yo employer administration charge) total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service lo the elleclive dale of £218.100 million, and nolional assets leslimated future contributions logelhei ¥Mth the notional investments held al the valuation datel of £196,100 million gimng a notional past service def1CIt of £22,000 million Ihe SCAPE rale, sel by HMT, is used to determine the notional investment return. The current SCAPE rale is 2.4°/o above the rate of CPI. The assumed real rate of return is 2.4°kn in excess ol prices and 2 % in excess of earnings. The rate ol real eamings growth is assumed lo be 2.2O1ts. The assumed nomin81 rale of return in¢lLJding earnings growth is 4.450k. The next valuation result is due lo be implemented fmm 1 April 2023. The employer's pension costs paid to the TPS in the period amounted lo £287,779 {2020'. £320,795). A copy of the valuation report and supporting documentation is on the Teachers, Pensions websile. Under the definitions set out ill FRS fj02, the TPS is an unfunded mulli-employer pension scheme. The charitable compally has a¢¢ounted for its contributions to the scheme as if il were a defined conlribulion scheme. The charitable company has set out above the information available on the scheme. Page 27 ¢onlinued...
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Notes to the Finallcial Statements- continued for the Year Ended 31 August 2024 23. RELATED PARTY DISCLOSURES Governors, liability Insuran premium costs borne by the trust The Governors received no remuneration, no benefits an(J no reimbursement of expenses during the year. One Governor paid normal schcK)I fees {less discounll for two children being educated al the school. One Govemols spouse works in the school. 24. POST BALANCE SHEET EVENTS Subsequent lo the year-end, the charity received prOed$ relating lo an incident that occurred during the financial year ended 31 August 2024. The proceeds was linalised and funds were received after the balsllce sheet date. As the confirmation and receipt o¢curred after the year-end and late lo condilions arising before the reporting period, this Is Irealed as an adjusting post balance sheet event in accordance with FRS 102. The income is recognised in the financial year ending 31 August 2024 and sn exceptional income. Page 28
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Detailed Statement of Financial Activitie5 for the Year Ended 31 August 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Exceptional items 225,000 458,656 683,656 Other trading activities Fundraising events 12,109 14.605 Investment income Rents received Deposit ac¢ounl interest 9,542 12,145 14.S74 14,925 21,687 29,599 Charltable actlvltles Nel school fees receivable Other income relating to education Insurance income 2,S95,234 630,670 3,096,526 510.676 1,350 3,625,904 3,608,552 Other income Gain on sale of tangible fixed assets 3.743 Totsl in¢oming resources 4,343,356 3,656,499 EXPENDITURE Ralslng donatlons and legacl8s Advertisinglmarkeling fees Event expendilLITe 28,389 13,192 18,557 11.715 41,581 30.272 Charltable actlvltles Wages Social security Pensions Teaching costs Welfare costs Premises costs Depreciation of tangible fixed assets 1,530,345 145,726 320,738 298,474 223,528 260,715 157,839 1,578,483 152,821 301,155 209,375 221,263 232,354 165,549 2,937,165 2,861.000 This page does not fomi part of the slalutory financial statements Page 29
NORTHAMPTONSHIRE INDEPENDENT GRAMMAR SCHOOL CHARITY TRUST LIMITED TIA PITSFORD SCHOOL Detailed Statement of Flnancial Activities for the Year Ended 31 August 2024 2024 2023 Support G05ts Managèinent Wages Social security 184,210 14,937 197,452 15,219 199,147 212,671 Finance Bank charges 239,911 204,874 Other Sundries 485, 150 385,501 Governance costs Auditors, remuneration Exceptional items 16,416 628,498 10,630 644,914 10,630 Total resources expended 4,547,868 3,684,948 Net expenditure 1204,5121 128,4491 This pag& does not form part of the slalulory financial stalemenls Page 30