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2024-03-31-accounts

Trustees' Annual Report for the period

Period start date Period end date Day Month Year Day Month Year From 01 04 2023 To 31 03 2024

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

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 1/4/23 to 4/3/24 Ex-officio
Mrs E Hendry 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
~~——EE~~		 ~~——EE~~ ~~——EE~~ Fowey River Academy
nominated
~~——EE~~
Mrs E Measom
~~——EE~~		 ~~——EE~~ ~~——EE~~ PrimarySchool nominated
~~——EE~~
Mr A Freshwater PrimarySchool nominated
Mr J Stephens Chair
Mr M Bailey Vice chair
Mr A Harvey Chair of Property
Mrs L Pemberton
Mr T McLean
Mr A McKay
Mr J Scullion From 10/5/23
Mrs L Osborne From 10/5/23

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

Trust Deed Type of governing document (eg. trust deed, constitution) The Charity is constituted as an unincorporated association How the charity is constituted (eg. trust, association, company) LEA nomination, Academy nomination, Primary School nomination and coTrustee selection methods option. (eg. appointed by, elected by)

You may choose to include

additional information, where relevant, about:

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

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.

A Risk Register, monitored by a trustee, Mr. A McKay, is reviewed and updated as required at the 2 Main meetings held in May and September. Several issues have been addressed including a significant increase in the insurance valuation of all properties and the purchase of a new policy against individual trustee liability. Fire Risk Assessments have been carried out on properties and the recommended work undertaken.

A new website, created and monitored by a trustee, Mr T McKay, will be operating by summer 2024 and all applications for grants will in future be made online. This has led to a complete review of the process and criteria for making awards, resulting in the decision of the need to submit a revised or new Official Scheme for approval by the Charity Commission. An amended second draft version is to be discussed at the next AGM.

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Section C Objectives and activities

Summary of the objects of the charity set out in its governing document

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)

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 representatives of the Primary School and Community College. The scheme allowed the board to set up two sub-committees: one to 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. Similarly, the investments with CCLA are regularly reviewed with the Director of Client Investments, Ed Christian.

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.

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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
£850 14 £11,900
£800 10 £8,000
£750 3 £2,250
£700 10 £7,000
£660 2 £1,320
£600 8 £4,800
£570 4 £2,280
£250 3 £750
TOTAL 54 £38,300

In addition to the above, one award was unclaimed: Jamie Stanlake : forfeited as unclaimed by 31/3/24. *** There were two grants to the Academy: the second of 3 annual instalments of £5,747 for each of 2 mini-buses. There were no awards to pupils nominated by the Academy as special cases. The Primary School Executive made one grant of £1,440 during the year for an Outdoor Pursuits Project. **** 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.

Section E Financial review

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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.

In this context, it is noted that the value of the Old Grammar School Gardens has been significantly and adversely affected by the decision of the NDP Steering Group of Fowey Town Council to designate the area as a Local Green Space despite a clear written objection from the trustees. A local company,Lantic Surveyors, is acting on the charity’s behalf to try to persuade FTC to rectify this . The process is ongoing after several months with FTC refusing to undertake a review of the plan and failing to provide satisfactory responses to a FOI request and explain how the conflict of interest as the leaseholder of the gardens was managed.

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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
March 2024

(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
March 2024 £545,678 £14,500 £560,178

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)

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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 The Fowey Grammar School Foundation The Fowey Grammar School Foundation 306571 CC16a
Section A Receipts and payments
31/03/2024
Receipts and payments accounts
To
For the period
from
01/04/2023
~~a~~
Unrestricted Restricted Endowment Total funds Last year
funds funds funds
to the nearest £ to the nearest £ to the nearest £ to the nearest £ to the nearest £ to the nearest £
A1 Receipts
Rent 1-3 South Street 11,750 - - 11,750 10,750
Rent 2 Churchside 5,900 - - 5,900 5,000
Rent 5 South Street 9,250 - - 9,250 8,189
Rent 7 South Street 6,240 - - 6,240 8,040
Rathbones AcademyIncome 43,650 - - 43,650 43,792
Rathbones PrimarySchool Income 2,550 - - 2,550 2,559
CCLA income 14,886 - - 14,886 14,886
Bank Interest 2,728 - - 2,728 11
Scottish Widows Interest - - - - -
Insurance 1-3 South Street Kittow - - - - 920
Insurance 5 South Street 627 - - 627 259
- - - - -
Sub total(Gross income for AR) (Gross income for AR)97,582 - - 97,582 94,406
A2 Asset and investment sales,
(see table).
Sale of investments-CCLA
-
-
-
-
-
-
-
-
-
-
Sub total -
-
-
-
-
Total receipts
97,582
-
-
97,582
94,406
~~===———~~
A3 Payments
Administration 229 - - 229 -
Studentgrants 750 - - 750 1,200
Student bursaries 37,550 - - 37,550 43,670
The FoweyRiver Academy 11,494 - - 11,494 11,494
FoweyPrimarySchoolgrant 1,440 - - 1,440 -
Propertyrepairs and maintenance 1,688 - - 1,688 1,500
Rathbones Investment management fees 10,340 - - 10,340 10,372
PropertyManagement fees 1,165 - - 1,165 1,097
Insurance 1-3 South Street - - - - 1,632
Insurance South Street Flats & Shops 1,254 - - 1,254 517
Insurance Trustees' Liability 536 - - 536 -
Clerks Stipend 6,000 - - 6,000 5,610
Postage and Stationery 32 - - 32 38
Legal andprofessional 1,885 - - 1,885 397
Legal andprofessional - 7 South Street - - - -
Accountancy 840 - - 840 720
- - - - -
**Sub total ** 75,204 - - 75,204 78,247
A4 Asset and investment
purchases, (see table)
-
-
-
-
-
-
-
-
Sub total -
-
-
-
-
Total payments
75,204
-
-
75,204
78,247
~~=———~~
Net of receipts/(payments)
A5 Transfers between funds
A6 Cash funds last year end
Cash funds this year end		 22,378
-
-
22,378
16,159
-
- -
-
-
110,316
- -
110,316
94,157
132,694
-
- 132,694
110,316
~~===>>>~~
CCXX R1 accounts (SS) 1 09/05/2024

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
B1 Cash funds
B2 Other monetary assets
B4 Assets retained for the
charity’s own use
B5 Liabilities
B3 Investment assets		 Rathbones 32-Day account
5 South Street Fowey
7 South Street Fowey
Garden Esplanade Fowey
1-3 South Street Fowey
Details
Petty Cash
Signature
Deferred income re OGS lease
Details
Details
Income account (01439144)
Expenditure account (01385436)
Primary Schoole Executive account
(02470649)
Details
Total cash funds
(agree balances with receipts and payments
account(s))
Details
Rathbones portfolio
CCLA
2 Churchside Fowey		 Unrestricted
funds
Restricted
funds
to nearest £
to nearest £
68,568
-
9,317
-
3,743
-
17
51,049
-
132,694
-
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)
1,724,772
560,178
-
-
-
-
Current value
(optional)
-
-
-
-
-
When due
(optional)
Up to 2025
Date of
approval

CCXX R2 accounts (SS)

09/05/2024

2

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of The Fowey Grammar School Foundation On accounts for the year ended 31" March 2024 Charity no (if any) 306571 Set out on pages I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 318t March 2024. 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 Act"). I report in respect of my examination of the Trust's accounts 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(5)(b) of the Act. I have completed my examination. I confirm that no material matters have come to my atten.tion in conn.tsction with the examination which gives me cause to believe that in, any material respect: accounting records were not kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records Independent examiner's statement I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable proper understanding of the accounts to be reached. Signed: Date: iuj*lZ Name: Amy Sole FCA Relevant professional qualification{s) or body (if any): Fellow member of the Institute of Chartered Accountants England Address: Phillips Frith LLP 9 Tregarne Terrace, St Austell, Cornwall. PL25 4DD Section B Disclosure Only complete if the examiner needs to highlight matters of Independent examination of charity accounts.. directions ap examiners).