## **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)** 31 March **2024** **TAR** 1 |**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: - policies and procedures adopted for the induction and training of trustees; - the charity’s organisational structure and any wider network with which the charity works; - relationship with any related parties; - trustees’ consideration of major risks and the system and procedures to manage them. 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. 31 March **2024** **TAR** 2 ## **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. 31 March **2024** **TAR** 3 ## **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: - policy on grantmaking; - policy programme related investment; - contribution made by volunteers. 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 31 March **2024** **TAR** 4 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** 31 March **2024** **TAR** 5 ## **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 charity’s principal sources of funds (including any fundraising); - how expenditure has supported the key objectives of the charity; - investment policy and objectives including any ethical investment policy adopted. 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. 31 March **2024** **TAR** 6 ## **Section F Other optional information** - (i) The tenant of 7 South Street was served a section 21 notice to vacate the property by 29[th] March 2024. She has accumulated rent arrears of £2,470. - (ii) At the Second Full Ordinary Meeting held on 23[rd] September 2020 Trustees approved the inclusion in the TAR of a table showing changes in valuations of the Capital Portfolio (managed until 2020 by Brewin Dolphin and subsequently by Rathbones). It was agreed that this information would obviate the need to move to an expensive accruals format which had been considered following the AGM in 2020. ||**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)** 31 March **2024** **TAR** 7 **Position (eg Secretary, Chair,** Chair **etc) Date** 31 March **2024** **TAR** 8 ||**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).