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 aC￿SS 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
per￿ntage 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 pla￿d 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 athlet￿S 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, wh￿h 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 sOUr￿d 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 pro￿dUreS 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 exPer￿nce 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 appI￿ab]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 re￿iVed
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 Cur￿n1 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. Re￿Ipt 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...

NORTHA￿PTONsH1RE 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 In￿Me
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 ExCh￿Uer. 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 prO￿ed$ 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