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2023-03-31-accounts

Trustees' Annual Report for the period

Period start date Period end date Day Month Year Day Month Year From 01 04 2022 To 31 03 2023

Section A Reference and administration details

Charity name The Fowey Grammar School Foundation

Other names charity is known by

Registered charity number (if any) 306571-R

Charity's principal address 7 Vicarage Road Tywardreath Par, Cornwall Postcode PL24 2PQ

Names of the charity trustees who manage the charity

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20		 Trustee name Office (if any) Dates acted if not for whole
year		 Name of person (or body) entitled
to appoint trustee (ifany)
Mr J de C Treffry Ex-officio
Mrs A Stuart Chair of Awards LEA nominated
Ms E Cross LEA nominated
Rev P De Grey-
Warter		 Chair of Finance Fowey River Academy
nominated
Mr B Eddy Fowey River Academy
nominated
Mrs E Measom From 1/12/22 PrimarySchool nominated
Mr A Freshwater PrimarySchool nominated
Mr J Stephens Chair
Mr M Bailey Vice chair
Mr A Harvey Chair of Property
Mrs E Hendry From 14/9/22
Mrs L Pemberton From 14/9/22
Mr T McLean From 16/11/22
Mr A McKay From 11/1/23
Names of the trustees for the charity, if any, (for example, any custodian trustees)
Name Dates acted if not for whole year

Names and addresses of advisers (Optional information)

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Type of adviser Name
Address		 Name
Address
Bankers Lloyds TSB 7 High Cross St., St. Austell, PL25 4AF
Solicitors Brains Sydney House, 44 South Street, St. Austell, PL25 5BN
Investment Advisers Rathbones The Senate, Southernhay Gardens ,Exeter EX1 1UG
Accountants Phillips Frith (Amy
Sole)		 9 Tregarne Terrace, St. Austell, PL25 4DD

Name of chief executive or names of senior staff members (Optional information)

Mr M A Kotwinski – Clerk & Receiver

Section B Structure, governance and management

Description of the charity’s trusts

Type of governing document

Trust Deed

The Charity is constituted as an unincorporated association How the charity is constituted

LEA nomination, Academy nomination, Primary School nomination and coTrustee selection methods option. (eg. appointed by, elected by)

Trustee selection methods

Each new trustee is inducted into the policies and procedures of the Trust by being briefed by existing trustees and attending meetings as necessary.

You may choose to include

additional information, where relevant, about:

Decisions are made by a majority 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 responsible to the trustees for all the financial and administrative work that is required to maintain the Trust according to the Trust Deed and ensure that all matters are dealt with in a proper manner.

There are no relationships between the Charity and related parties and the Charity does not co-operate with any other charities and/or organisations other than Fowey River Academy (formerly Community College) and Fowey Primary School in the pursuit of its charitable objectives.

The Trustees, whilst talking all reasonable precautions by employing professional assistance and the application of their best endeavour, accept that the value of the assets of the Charity may go down as well as up.

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Section C Objectives and activities

On 16 May 2007, the Charity Commissioners agreed to a new scheme for “The Fowey Grammar School Foundation”, which combined three charities (the Exhibition Foundation, the Primary School Trust and the Community School Charity) under one board of trustees. The trustees were the existing Exhibition Foundation trustees together with Summary of the objects of the representatives of the Primary School and Community College. The charity set out in its scheme allowed the board to set up two sub-committees: one to governing document administer the income earned by that portion of the 1997 endowment allocated for the benefit of the Primary School: the other to administer the income earned by that portion of the 1997 endowment allocated for the benefit of the Community College together with the income from the 1922 endowment of the Fowey Grammar School Exhibition Foundation with no restriction on the proportion of income that can be allocated to the Community College (now Fowey River Academy). The investment policy of the trustees is to maintain steady growth in capital and income from properties, stock and shares. The stocks and shares portfolio is reviewed during the Annual General Meeting and quarterly valuation reports are issued by the investment Advisers who meet with a Finance Sub-committee annually a week before the AGM. Property rental incomes are professionally reviewed at the time of lease renewals. The trustees have regards to the guidance issued by the Charity Commission on public benefit.

Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)

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Additional details of objectives and activities (Optional information)

All trustees offer their services on a voluntary basis without personal reward.

You may choose to include further statements, where relevant, about:

The policy on grant making is dealt with under earlier headings and herein, similarly, the policy programme related investment. We also refer to Tables 1, 2 and 3 of the document headed “Organisation and Procedures” which was agreed at the inaugural meeting of the Fowey Grammar School Foundation held on 17 July 2007. Brewin Dolphin Limited were commissioned by the newly formed Trustees of the Fowey Grammar School Foundation to calculate the market value of all investments (excepting properties) as at 1 November 2007 and from this exercise quantify the exact percentage to be used for all future purposes as the proportion of investments (excluding properties) held jointly but directly attributable to the Primary School sub-committee. The figure extrapolated by Brewin Dolphin Limited was 5.52% ;this was endorsed and recorded in the minutes of the meeting held on 22 November 2007, and remained unchanged following the transfer of investments to Rathbones.

The College changed its status and became the Fowey River Academy on 1[st] June 2014. At the AGM in 2014 trustees decided that this would not change its relationship with the charity. The Charity Commission was informed of this decision and replied on 12[th] September 2014 to confirm there were no objections. On 1[st] September 2015 Fowey Primary School also became an academy.

The “Organisation and Procedures” document was revised and formally agreed at the AGM on 15[th] May 2019.

Section D Achievements and performance

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Section D Achievements and performance

Summary of the main achievements of the charity during the year

The amounts awarded during the year as bursaries and grants to individual students were:

Amount Number Total
£800 14 £11,200
£750 21 £15,750
£700 3 £2,100
£650 13 £8,450
£610 2 £1,220
£550 9 £4,950
£200 6 £1,200
TOTAL 68 £44,870

In addition to the above, two awards were unclaimed: Libby Patton (Y1) £550: postponed course for a year. Edward Van Den Broek (Y3) £700: forfeited as unclaimed by 31/3/23.

THESE 2 AWARDS FROM THE PREVIOUS YEAR WERE BANKED IN APRIL 2022:

2@ £550 (Fullwood & George) ) = £1,100.

There were two grants to the Academy: the first of 3 annual instalments of £5,747 for a new mini-bus plus £5747 for the first year of a second vehicle with no guarantee of future funding.

There were no awards to pupils nominated by the Academy as special cases.

The Primary School Executive made no grants during the year and carried forward a balance of £3,196.78.

There have been no other significant changes, developments and achievements in the activities of the Charity in the past year or events affecting those activities since the year end and plans for the future, save as encompassed within this whole report and accounts.

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Section E Financial review

Brief statement of the charity’s policy on reserves

The Charity holds funds in reserve to enable it to distribute the known net income of the Charity for the financial year preceding the Annual General Meeting. These funds are generally distributed between November and January following the date of the Annual General Meeting during which the financial accounts are adopted.

The Charity normally holds funds in reserve to maintain the properties held under its stewardship in sound fabric. All of the properties are several centuries old and require expensive renovations from time to time.

A proportion (calculated as 6.32% at inception) of the value of The Property Investment account with CCLA fund is set aside for property maintenance and reviewed annually. See minutes of Finance sub-committee meeting on 24/04/2020.

Details of any funds materially in deficit

Further financial review details (Optional information)

You may choose to include additional information, where relevant about:

The trustees are required to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Trust and of the surplus or deficit of the Trust for that year. In preparing those financial statements the trustees are required to: select suitable accounting policies and apply them consistently; make judgements and estimates that are reasonable and prudent; prepare the financial statement on a going concern basis unless it is inappropriate to presume that the Trust will continue in existence.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements give a true and fair view. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Section F Other optional information

Date Academy Primary School Total value Notes
November 2007
£1,108,789
£64,775		 £1,173,564 Account opened
March 2017 £1,356,920 £79,278 £1,436,198
March 2018 £1,338,201 £78,155 £1,435,075
March 2019 £1,399,453 £81,763 £1,481,216
March 2020 £1,233,660 £72,077 £1,305,737 £175,479 decrease
March 2021 £1,516,994 £88,630 £1,605,624
March 2022 £1,585051 £92,607 £1,677,658
March 2023 £1,529037 £89,334 £1,618,371

(iii )CCLA COIF Property Investment Account

Date Globe sale £inv Prop Maint Total Value Notes
February 2020 £444,115
£30,000		 £474,115 Prop Maint=6.32%
March 2020 £415,946 +£5,000 Aug20
March 2021 £475,045 £32,048 £507,093
March 2022 £519,594 £12,500 £532,094 -£20K PropMaint
March 2023 £499,459 £12,500 £511,959

Section G Declaration

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Position (eg Secretary, Chair, Chair etc) Date

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The Fowey Grammar School Foundation The Fowey Grammar School Foundation The Fowey Grammar School Foundation 306571 306571 306571 CC16a
For the period
from		 01/04/2022 To 31/03/2023
Section A Receipts and payments
A1 Receipts Unrestricted
funds
to the nearest
£
10,750
5,000
8,189
8,040
43,792
2,559
14,886
11
-
920
259
-
94,406
-
-
-
94,406
1,200
43,670
11,494
-
1,500
10,372
1,097
1,632
517
5,610
38
397
-
720
-
78,247
-
-
-
78,247
16,159
-
94,157
110,316		 Restricted
funds
to the nearest £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Endowment
funds
to the nearest £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
to the nearest £
10,750
5,000
8,189
8,040
43,792
2,559
14,886
11
-
920
259
-
94,406
-
-
-
94,406
1,200
43,670
11,494
-
1,500
10,372
1,097
1,632
517
5,610
38
397
-
720
-
78,247
-
-
-
78,247
16,159		 Last year
to the nearest £
Rent 1-3 South Street 10,750 8,295
Rent 2 Churchside 5,000 6,150
Rent 5 South Street 8,189 7,836
Rent 7 South Street 8,040 11,090
Rathbones AcademyIncome 43,792 39,104
Rathbones PrimarySchool Income 2,559 2,285
CCLA income 14,886 14,978
Bank Interest 11 7
Scottish Widows Interest - 59
Insurance 1-3 South Street Kittow 920 712
Insurance 5 South Street 259 254
- -
Sub total(Gross income for AR) 94,406 90,770
A2 Asset and investment sales,
(see table).
Sale of investments - CCLA - 20,000
- -
Sub total - 20,000
Total receipts
A3 Payments
110,770
Studentgrants 1,200 -
Student bursaries 43,670 44,470
The FoweyRiver Academy 11,494 4,890
FoweyPrimarySchoolgrant - 6,432
Propertyrepairs and maintenance: 1,500 6,153
Rathbones Investment management fees 10,372 9,105
PropertyManagement fees 1,097 1,600
Insurance 1-3 South Street 1,632 -
Insurance South Street Flats & Shops 517 508
Clerks Stipend 5,610 5,100
Postage and Stationery 38 17
Legal andprofessional 397 1,117
Legal andprofessional - 7 South Street - 3,295
Accountancy 720 600
- -
**Sub total ** 78,247 83,287
A4 Asset and investment
purchases, (see table)
-
-
**Sub total ** - -
Total payments
Net of receipts/(payments)
A5 Transfers between funds
A6 Cash funds last year end
Cash funds this year end
83,287
16,159 - - 16,159 27,483
- - - - -
94,157 - - 94,157 66,674
110,316 - - 110,316 94,157

CCXX R1 accounts (SS)

11/05/2023

1

Section B Statement of assets and liabilities at the end of the period Section B Statement of assets and liabilities at the end of the period Section B Statement of assets and liabilities at the end of the period
Categories
Signed by one or two trustees on behalf
of all the trustees
B4 Assets retained for the
charity’s own use
B5 Liabilities
B3 Investment assets
B2 Other monetary assets
B1 Cash funds		 Details
Rathbones portfolio
CCLA
2 Churchside Fowey
Details
Total cash funds
(agree balances with receipts and payments
account(s))
Income account (01439144)
Expenditure account (01385436)
Primary Schoole Executive account
(02470649)
Deferred income re OGS lease
Details
Details
Signature
Details
Petty Cash
5 South Street Fowey
7 South Street Fowey
Garden Esplanade Fowey
1-3 South Street Fowey		 Unrestricted
funds
Restricted
funds
to nearest £
to nearest £
83,335
-
23,760
-
3,197
-
24
-
110,316
-
OK
OK
Unrestricted
funds
Restricted
funds
to nearest £
to nearest £
-
-
-
-
-
-
-
-
-
-
Fund to which
asset belongs
Cost (optional)
Unrestricted
-
Unrestricted
-
Unrestricted
-
Unrestricted
-
Unrestricted
-
Unrestricted
-
Unrestricted
-
-
Fund to which
asset belongs
Cost (optional)
-
-
-
-
-
Fund to which
liability relates
Amount due
(optional)
Unrestricted
4
-
-
-
-
Print Name		 Endowment
funds
to nearest £
-
-
-
-
-
OK
Endowment
funds
to nearest £
-
-
-
-
-
Current value
(optional)
1,618,371
511,959
-
-
-
-
Current value
(optional)
-
-
-
-
-
When due
(optional)
Up to 2025
Date of
approval

CCXX R2 accounts (SS)

11/05/2023

2

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 312t March 2023 Charity no (if any) 306571 Set out on pages I report to the trustees on my examination of the accounls of the above charity ( the Trust"} for the year ended 315t March 2023. Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 {'the Acr). I report in respect of my examination of the Trust's accounls carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(51{b) of the ACL I have completed my examination. I confirm that no material matters have come to my attep.tion. in ￿or,￿￿t.1On wi4h the eAap,inutlCf wvhich gives me cause to believe that in. any material respect. accounting records v￿e not kept in accordan￿ with section 130 of the Acl or the accounts do not accord wtlh the awounting records Independent examiner's stalement I have no COn￿mS 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 accounts to be reached. Signed: Date: 101512013 Name: Amy Sole FCA Relevant professional qualification(sl or body (If any): Fellow member of the Institute of Chartered Accountants England & Wales Address: Phillips Frith LLP 9 Tregame Terrace. St Austell. Comwall. PL25 4DD Section B Disclosure Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity a￿?￿nI$_. directions and guidance for examiners). IER Aprll 2022