2021-03-31-accounts

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examinerfs Report Report to the trusteesl members of The Fowey Grammar School Foundation On accounts for the year ended 31st March 2021 Charlty no (if any) 306571 Set out on pages I report to the trustees on my examination of the accounts of the above charity llhe Trusf) for the year ended 31st March 2021. Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basls of report of the accounts in accordance with the requirements of the Charities Act 2011 ('the Acr). I report in resped of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying Olrt my examination, I h'ave followed the applicable Directions given by the Charity Commission under section 14515)(b) of the Act. I have completed my examination. I confim that no material matters have ome to my attention in connection with the examination which gives me cause to believe that in, any material respect.. accounting records Y￿re not kept in accordan￿ with section 130 of the Act or the accounts do not accord with the accounting records Independent examiner's statement I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the aco)unts to be reached. Signed: Date: IqIG312oii Name: Amy Sole FCA Relevant professional qualification(s) or body (if any): Fellow member of the Inskn'tute of Chartered Accountants England & Wales Address: Phillips Frith LLP 9 Tregarne Terrace. St Austell. Comwall. PL25 4DD Sectton B Disclosure Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of Gharty accounts." directions and guidan￿ for examiners). IER April 2021

Trustees. Annual Report for the period PerhxJ stsrt dale PerK¥J end dae Yèar From oi To 31 Section A Reference and administration details Charity Rame I The Fowey Grammar School Fcyjndation other names charity is known by Reglstèred tharlty number (11 anyl 3C6571-R Charitys principal addr•ss17 VKarage Road Tywardreath I Par, Comwall PostGode Namès of the charity trustees manage the charity Dates ￿t￿l if notfDr Trustee name OITK¢ Illany) Name ol t￿On lor b3￿￿ enfjljed nt trustee Ex-offic MrJ de C Treffty Mrs A Stuart I LEA nominated Ms E Cross From 0111112020 LEA nomin*ed Fowey Ri￿r Academy nominated Rev P De Gre Warter Mr B Eddy From 29107r￿20 Fowey Academy nominated Mrs M Bames Primary sc￿01 nominated Primary School nominated Mr A Freshwater Mr M Sutton Mr P Found Chair 10 Mr M Bailey Capt J Smt Mr C Taylor Mrs H Marshal Johnson Reswned 0110312021 12 13 14 Mr J Stephens MrJ Rolls Ice-chair 15 16 17 18 19 20 Names of the Intstees forthe charity. rf any. (for example, any custodian trustees) Name Dates acted rf not for ￿lole

Names and add￿SSeS of advtsers {Optlonal inf0m￿lI0nj of adviser Name Address Bankers , Uoyds TSB 7 HwJh Cross St.. St. Austell. PL25 4AF Brains Sydney House, 44 South Street, st. Austell, PL25 5BN The Senate, &)uthemhay Ga￿lenS ,Exeter EX1 IUG 9 Tregarr￿ Terrace. St. Austell. PL25 4DD Solicitors Investment Athiis•rJ Rathbones Accountsnts i Phillips Frith (Arny Solel Name ol chief exectrtive or names of senior staff members {Optional infom￿tion) Mr M A KotWins￿'_ Clert & Recetver Section B Structure, overnance and mana ement Descrlption of the charitys trusts Type of govemKig document Trust Deed H(w the charity is constrtuted The Charity is constituted as an uninco￿Orated association Tnjstee selection methods" LEA nominatton, Academy nominatbn, Prlmary School nomination and CO-OPtion. You may choose to include Each twstee is Ktdueted into the policies 2nd procedures of the Tnjst by being briefed by exisliro trustees and attending meetings as necessary. additional infomiation. where relevan( about.. Decisions are made by a maprty vote of the trustees at meetings held, having been given due notice of the same. The Clerk and Receiver. who is appointed by the trustees, is responsibb to the trustees for all the financial and administrative work that És required to maintain the Tnjst accor(ling lo the Trust Deed and ensure that all matters are deatt with in a proper manner. policies and procedures adopted for the inductDn and traiiing of trustees., the charitWs organi&gtional stnjcture and any wider netr￿rk with which the charity works", • relationsh¥i wilh any related parties- IfUStees' consiJeration of major nsks and the system and procedures to manage them. The￿ are no ￿latIOnShipS betsveen the Charity and related parties and the Chaiity does not c(>¢Jperate wilh any other charities andlor organisations other than Fowey RNer Academy {fonnety Communty College) and Fowey Primary Sthool in the pursuit of its chafitable objectives. The Trustees, whilst talking all reasonable P￿CaUtIOnS by employing professional assistance and the applicatsn of their best endeavour, accept th* Ihe value ofthe assets of the Charty may go down as well as

Section C Objectives and activities On 16 May 2Th)7, the Charty COmmiss￿nerS agreed to a new scheme for "Thè Fo Grammar School Foundatlon" which combined three . charities (the Exhibrtion FoundatKJn, the Primary School Trust and the Communty Sthcrf)I Charity) under one board ofbustees. The trustees were the existing Exhibrtp)n F￿ndation trustees together with repfesentati%ts of the Primary School and Communty College. The scheme alkjwed the board to sel up two subwcommittees.. one to admintstef the inccrfne eamed by that portion of the 1997 endowmenl allocated for the Oenefit of the Primary School". the ther to administer the income eamed by that portK)n ofthe 1997 endowment all¢xated for the benefft oflhe Communty Cole togetherwith the nD)me from the 1922 endowment ofthe Fowey Grammar School Exhibltion Foundation with no restriction on the proportKJn of ￿cOme that can be allocated to the Commun Col now Fowe River Academ Summary ofthe Ob￿Cts of th• charity set out in its govemlng document The ￿vestment FKJ1￿Y of the trustees is to mainiain steady growth in capital and income from properties, stock and shares.The stocks and shares portfolio is reviewed during the Annual General Meeting and quarterty ￿aluatIOn reports are issued by the investrnent Admsers who meet with a FinaneÉ SuttrC¢Jmmittee annually a week before the AGM. Property rental incomes are professN>naty revi2wed at the tune of leas renewals. The Iruaees have regaids to tf guidance issued by the Charity Commission on public benefrt. Summary of the maln activities undèrtaken forthe public benefit in ￿latiOn to these objects (include within this sectlon the statutory declaration Ihat trustees have had regard to the guidance Issued by Ihe Charity Commission on public benefit)

Additional detslls of objectives and ac￿vItIeS {Optlonal Inforniationl All trustees offer their sernices on a voluntsry basis wrthout personal reward. The polw on grant MakT￿ is deatt with under earlier headings and hereyi, similaty, ts polÉcy pn)gramme related investment. We also refer to Tables 1, 2 and 3 of the document heade(I "Organisatlon arKI Procedures" which was agreed at the inaugural meeting of the F(wiey Grammar School Foundation held on 17 Juty 2007. Brewin Dolphn Lynrted were commissioned by the newly fonned Tnjstees of the Fowey Grammar School Foundation to Calculate the market value of all investments {excepting prDperties) as al l November 2007 and from this exewse quantify the exacl pefcentage to be used for all future purposes as the proFK)rtion of investments (exduding properties) held jointly but dire(ty attributable to the Primary School sU￿e0mmIttee. The figure e>rapolated by Brewin Dolphin Lmrted was 5.52% ',this was endorsed and recorcled in the minutes of the meeting held on 22 November 2007. arKJ remaned unchanged foll(Y4ving the tsansfer of investments to Rathbtmes. You may choose to include ftjrther statements, where relevant, about". policy on grantrnakNIg; FKJlicy programme related invesiment: contfibution made ty volunteers. The College thanw its status and became the Fowey River Academy on 1 June 2014. At the AGM in 2014 trustees decided that this would not chan9e rfÉs relat¢onship wilh the tharily. The Charity Commission was infomied of this (1ecisbon and replied on 12° Seplember 2014 to confirm there were no object1￿5. On 1 September 2015 Fuwey Prfmary School also became an a￿demy. The "Organlsat*)n and Procedures" document was re¥ised and fonnally reed at the AGM on 15tr. Ma 2019.

Section D Achievements and performance Summary of the main achievements ot the ¢harlty durfng the ￿ar The am)unts awarded during the year as bursaries and grants lo individual bkndents were: AM(yJr NUMBER TOTAL £800 £750 £7 £6SO £610 15 21 £12.iX)O £15,750 £1,400 £16,9JO £610 £10,450 £1,560 £2CK) 26 £550 £520 19 TOTAL £58,870 2 of the aboKe awards habe not ten banked by their ￿cIplentS in the year under revlw: 1 £550 (Banks). 1 £520 (Read) = £1 070. In addition. a £550 bursary (J. Gough) from the prevKJUS year has never been presented and is shown as a separats It￿ in the A3 payTnents section on foThn CC16a There were Iwo grants to the Academy totalling £9889.77.. the second of 3 annual instalments of £4,889.77 for mirii-bus plus a one -off £5,000 towards (YJSt of a secMd vehide. There were Tr) awards to pupils nominated by the kndemy as special cases. The Primary sch￿)1 Exet)Jtive paxl no granls in the current financial year. There have bw) Th) other sFgnificant djanges. deveKipments and achievements in the activittes of the Charty in the past year or events affecting those actNrties since the year end and plans for the fijture, save as encompassed withwi this wh)le rewirt and aC￿￿t$.

Section E Financial review The Charity holds funds ¢n reserve to enable it to distribute the known net fficome of the Charity for the financial year p￿cedIng the Annual General Meetfftg. These fvnds are generalty distributed between November and January following the date of the Annual General Meet￿g durÈng which the thancial accounts are adopted. Brief slalemenl of the charitys pollcy on reseNes | Tle Charty 4oThnally hold5 fvnds in fftserve to ma￿taIn the properties held under its stewardship in sound fabric. All of the properties a￿ seNeral ￿nturieS old and require expensive renovations time to time. A plop0rt￿¢n (calculated as 6.32%- see m￿￿e$ of Finance sub- commrttee meeting on 24104.2020) of the value ofThe Property Investment a￿Ount with CCLA frjnd is set aside for property Malitenan￿ and reviewed annual Detslls of any fvnds materfally In deflclt Further flnancial ￿VIeW detslts (Optional Info￿atiOn) The tnjstees ate required to prepare fnancial &atements for each financial year that gwe a true arnl fair wew of Ihe state of affairs of the Trust and of the surplus or deficil of the Trust for that year. In preparing those financial statemenls the tfustees are required lo.. select Suitab￿ accouMN)g policies and appty them consi4ently', maKe judgements and estimates that a￿ reasonable and prudent., prepare the financial sLitement on a going concem basis unless it is inappropriats to p￿SUme that the Twst will continue in existence. You may choose to indude additv)nal infomation, wherg tslevant ab￿t. the charity's principal sources of funds (inc￿￿lng any fundraising): how expenditure has supporte(t the key objectives of the charty: investment poliry and objecti￿5 including any ethical investment policy adopted. The trustees a￿ responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posrtKn of the Trust and to enable them to ensure that the financial sLements give a ttue and fair view. They are also responsible for safeguarding the assets of the TDJSt and hence for taking reas¢)nable steps for the pre%*nlion and delection of frdud and other trre9u1arit￿s.

Section F Other optional information {)1 Rental inccyne adversety affected during Covid 19 lockdown: tenant of 7 South Street over £3,000 in arrears and seNed notice to vacate by June: a 25% reduction for 3 months was agreed wilh Robinsons for rent on 5 South Street. (li) At the Second Full Ordinary Meeting hekj on 23rd September 2020 Trustees approved the inclusion . in the TAR of a table showwig changes in valuatims of the Capial Portfolto (managed until 2020 by Bréwin Do¥hn and currently by Rathb￿es). Itwas agreed that this H)fomiation would obviate the need to mova to an expenswe aC%n￿lS fomiat which had been consKlered folh)wing last yeals AGM. Date November 2007 March 2017 March 2018 March 2019 March 2020 March 2021 Academ £1.108,789 £1,3￿,920 £1338201 £1.399,453 £1,233,660 £1.516.994 Prima £64.775 £79,278 £78.155 £81.763 £72.077 School Totsl value £1,173:564 Notes Account o £1435.075 £1.481216 £1,30S,737 £175,479 decrease LA COIF P Date Februa 2020 March 2020 March 2021 Globe £444.115 £inv Valnt Totsl £474.115 £415,946 £507.093 Notes Pro Maint= 5.32% +£5,000 Au 20 £30.C £475.045 £32.048 Section G Declaration The trustees declare thai they have approved the tru5tees' report above. Slgned on behalf of the chartys tntstees Signalure(s) Full narneisl Posillon leg Secrelary. Chair, et¢) Chair Date

CHARITY COMMISSION FOR ENGLAND AND WAiE5 Receipts and pa ments accounts CC16a For Ihe per5od To St￿$/2021 Section A Receipts and payments Unrestri¢tsJ nds Restric funds EntlOV￿ll￿t lund$ Total funds Last year A1 Recel ts Rent 1-3SoLrth Stra81 Rent 2 ch￿￿h5N1 Rent 5 StsF R8nl 7 Sothh Sltegt 7,S4S iOA69 40.731 Br¥Mn I1)￿hirt Prmnw Irwng 1042 OIFincome Battk Inte￿st 117as Irr&urance 14 South Strea lfwra￿ 5S(Kth SI￿ 325 290 Sub total(Gfa%s forAR) A2 Assetand Snvv4knentsas. (see table). Res&iv&A£tOunt 39,872 45902 8SO81 128,178 A3Pa SIl￿ni SludgDI ￿r$alleS Less." 2D20 buysaTieS Th)t ents 52$ 1519 Councl Tax Ihboneslnve5tment maw8n￿feE 48 11,776 1Af7 |nwJr4n¢£ 14 wt InSurd￿ESeuth sireet F& S eiksSipend Poslag& and Stthr 5.1 .1£¢ lOJ A4 Asset and Inv•slrn•nt rchases, See table TNnserto l￿brId Inve¥tpeffl Raihtthes t4,IXbJ 474.115 489,f76 Sub total 10,$>1 571,418 Net ofrecO7pwpayn￿t￿ . A5 TrnnslErs bet4en funds A6 Cash fvnds lastjwr end 10. 443,240 77228 520,468 TT,228 fj6.674 ?And￿￿1

Section B Ststement of assets and liabilities at the end of the period un￿s￿leted fvnds EndohThent Jnds to nearest e Cate9Oties De￿ils funds B1 Ca6h funds 66,674 axrtsll UrI￿strIcted funds RestrlciEd funds b)raFegtÉ £ntsJoknThent funds to nearest£ Delails B2 Other n￿ne￿ assets to) Cureyrt vahje . Detsls B3 Investment assets 1,806,V24 CCLA 507.053 95,W) B4 Assèts retalned for the charity's own use When ¢Jue Detsils BS Liabililies Uplo 2025 Signed by t)rt beha of all tm8tee$ PriTrt Narr Dats of roval ff.xx R? lql