Trustees' Annual Report for the period
Period start date Period end date Day Month Year Day Month Year From 01 04 2024 To 31 03 2025
~~ee~~ 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
| ~~ee~~ | ~~es~~ | ||
|---|---|---|---|
| Trustee name ~~ee~~ ~~es~~ |
Office (if any) ~~es~~ |
Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
| 1 ~~ee~~ ~~es~~ ~~a~~ |
~~es~~ ~~nn~~ |
||
| 2 Mrs E Hendry ~~es~~ ~~a~~ ~~es~~ |
Chair of Awards ~~nn~~ |
LEA nominated | |
| 3 Ms E Cross ~~a~~ ~~es~~ ~~a~~ |
~~nn~~ ~~ee~~ |
1/4/24 to 2/11/24 ~~ee~~ |
LEA nominated ~~ee~~ |
| Rev P De Grey- Warter ~~es~~ ~~a~~ ~~a~~ |
Chair of Finance ~~ee~~ ~~ee~~ |
~~ee~~ ~~ee~~ |
Fowey River Academy nominated ~~ee~~ ~~ee~~ |
| Mr B Eddy ~~a~~ ~~a~~ ~~ee~~ |
~~ee ~~ ~~ee~~ |
~~ee~~ ~~ee~~ ~~Ge~~ |
Fowey River Academy nominated ~~ee~~ ~~ee~~ |
| 6 Mrs E Measom ~~a~~ ~~ee~~ ~~ee~~ |
~~ee ~~ ~~ne~~ |
~~ee~~ ~~Ge~~ ~~nn~~ |
PrimarySchool nominated ~~ee~~ |
| 7 Mr A Freshwater ~~ee~~ ~~ee~~ ~~ee~~ |
~~ne~~ ~~ts~~ |
~~Ge~~ ~~nn~~ ~~Gt~~ |
PrimarySchool nominated |
| 8 Mr J Stephens ~~ee~~ ~~ee~~ |
Chair ~~ne ~~ ~~ts~~ |
~~nn~~ ~~Gt~~ |
|
| 9 Mr M Bailey ~~ee~~ ~~a~~ ~~ee~~ |
Vice chair ~~ts~~ ~~ee~~ |
~~Gt~~ ~~Gn~~ |
|
| 10 Mr A Harvey ~~ee~~ ~~ee~~ |
Chair of Property ~~ee~~ ~~rn~~ |
~~Gn~~ ~~nn~~ |
|
| 11 Mrs L Pemberton ~~ee ~~ ~~ee~~ ~~es~~ |
~~ee~~ ~~rn~~ ~~es es~~ |
~~Gn~~ ~~nn~~ ~~es~~ |
|
| 12 Mr T McLean ~~ee ~~ ~~es~~ ~~ee~~ |
~~rn ~~ ~~es es~~ ~~re~~ |
~~nn~~ ~~es~~ ~~Gs~~ |
~~Gs~~ |
| 13 Mr A McKay ~~es~~ ~~ee~~ ~~es~~ |
~~es es~~ ~~re~~ ~~rs~~ |
~~es~~ ~~Gs~~ |
~~Gs~~ |
| 14 Mr J Scullion ~~ee~~ ~~es~~ ~~ee~~ |
~~re~~ ~~rs~~ ~~re~~ |
1/4/24 to 6/3/25 ~~Gs~~ ~~Gs~~ |
~~Gs~~ ~~Gs~~ |
| 15 Mrs L Osborne ~~es~~ ~~ee~~ ~~es~~ |
~~rs~~ ~~re~~ ~~es~~ |
~~Gs~~ | ~~Gs~~ |
| 16 ~~ee~~ ~~es~~ |
~~re~~ ~~es~~ |
~~Gs~~ | ~~Gs~~ |
Names of the trustees for the charity, if any, (for example, any custodian trustees) Name Dates acted if not for whole year ~~a a~~
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Names and addresses of advisers (Optional information)
| Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) |
|---|---|---|
| Type of adviser 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 CCLA |
The Senate, Southernhay Gardens, Exeter EX1 1UG One Angel Lane, London, EC4R 3AB |
| Property Advisers and Letting Agents |
FAC | 4 Par Green, Par, PL24 2AF |
| 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 Trustee selection methods co-option. (eg. appointed by, elected by)
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
Decisions are made by a majority vote of the trustees at meetings held, additional information, where relevant, having been given due notice. The Clerk and Receiver, who is appointed about: 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 • policies and procedures adopted for Trust Deed and ensure that all matters are dealt with in a proper manner. the induction and training of trustees; There are no relationships between the Charity and related parties and the Charity does not co-operate with any other charities and/or organisations • the charity’s organisational the charity’s organisational other than Fowey River Academy and Fowey Primary School in the structure and any wider network pursuit of its charitable objectives.
- the charity’s organisational the charity’s organisational structure and any wider network with which the charity works;
The Trustees, whilst talking all reasonable precautions by employing professional advisers 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 is reviewed and updated as required at the 2 Main meetings held each year. A new website, created and monitored by a trustee, has been operating since mid 2024 enabling all grant applications to be made online and payments made by bank transfer. An application to the Charity Commission to revise the current Official Scheme was submitted in January 2025 for approval and discussions are ongoing.
-
relationship with any related parties;
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trustees’ consideration of major risks and the system and procedures to manage them
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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 representatives of the Primary School and Community College. The Summary of the objects of the scheme allowed the board to set up two sub-committees: one to charity set out in its administer the income earned by that portion of the 1997 endowment governing document 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 portfolios are reviewed regularly with reports being presented to Summary of the main activities undertaken for the the Annual General Meeting and quarterly valuation reports are issued by the investment Advisers, one of which meets with the Finance Sub- public benefit in relation to committee a week before the AGM and the other each Autumn. these objects (include within this section the statutory declaration that trustees have Property rental incomes are professionally reviewed at the time of lease renewals. had regard to the guidance issued by the Charity The trustees have regards to the guidance issued by the Charity Commission on public Commission on public benefit. 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.
The policy on grant making is dealt with under earlier headings and herein, similarly, the policy programme related investment.
You may choose to include further statements, where relevant, about:
-
policy on grantmaking;
-
policy programme related investment;
-
contribution made by volunteers.
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.
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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 grants to individual students were:
| Amount | Number | Total |
|---|---|---|
| £1,100 | 1 | £1,100 |
| £1,000 | 1 | £1,000 |
| £850 | 24 | £20,400 |
| £750 | 18 | £13,500 |
| £650 | 18 | £11,700 |
| £250 | 3 | £750 |
| TOTAL | 64 | £48,450 |
In addition to the above, one award was unclaimed: Jaye Pasmore £650 (y1) forfeited as unclaimed by 31/3/25. *** There were two grants to the Academy: the third and final annual instalments of £5,747 for each of 2 mini-buses. The Primary School Executive made no grants in the current financial year * A donation of £10,000 was received from Mr & Mrs M Darcey to be used at Trustees’ discretion for the benefit of the current pupils of both schools. At a meeting of Trustees on13th November it was agreed that £7,000 should be given to FRA & £2,000 to the Primary School for the headteachers to use as they saw best fit to widen the experiences, horizons and aspirations of as many students as possible to fulfil the benefactors’ wishes .At the end of the financial year they would provide a written report (qv)on how the money was spent. A further £750 was given in equipment grants to 3 students, **** 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 for the previous year 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. As the accounts show, significant amounts were spent on the refurbishment and redecoration of 2 Churchside and 7 South Street in the year.
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:
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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.
The lease with FTC on the Old Grammar School Garden is due to expire on 31[st] May 2025. No agreement regarding a new lease has been agreed and the disputes over dilapidations and the designation of the site as a Local Green Space, despite a clear written objection from the trustees, remain unresolved.
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Section F Other optional information
- (i) 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 | £1,585,051 | £92,607 | £1,677,658 | ||||||
| March 2023 | £1,529,037 | £89,334 | £1,618,371 | £59,287 decrease | |||||
| March 2024 | £1,629,565 | £95,207 | £1,724,772 | ||||||
| March 2025 | £1,618,009 | £94,532 | £1,712,541 | ||||||
(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 | ||||||
| March 2025 | £517,788 | £14,500 | £532,288. | ||||||
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 306571 Receipts andpayments accounts For the period from 01/04/2024 To 31/03/2025 ~~a~~ |
The Fowey Grammar School Foundation 306571 Receipts andpayments accounts For the period from 01/04/2024 To 31/03/2025 ~~a~~ |
The Fowey Grammar School Foundation 306571 Receipts andpayments accounts For the period from 01/04/2024 To 31/03/2025 ~~a~~ |
The Fowey Grammar School Foundation 306571 Receipts andpayments accounts For the period from 01/04/2024 To 31/03/2025 ~~a~~ |
The Fowey Grammar School Foundation 306571 Receipts andpayments accounts For the period from 01/04/2024 To 31/03/2025 ~~a~~ |
The Fowey Grammar School Foundation 306571 Receipts andpayments accounts For the period from 01/04/2024 To 31/03/2025 ~~a~~ |
The Fowey Grammar School Foundation 306571 Receipts andpayments accounts For the period from 01/04/2024 To 31/03/2025 ~~a~~ |
CC16a ~~a~~ ~~_~~ |
|
|---|---|---|---|---|---|---|---|---|
| Section A Receipts and payments | ||||||||
| 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 £ | ||||
| A1 Receipts | ||||||||
| Rent 1-3 South Street | 13,167 | - | - | 13,167 | 11,750 | |||
| Rent 2 Churchside | 5,300 | - | - | 5,300 | 5,900 | |||
| Rent 5 South Street | 9,250 | - | - | 9,250 | 9,250 | |||
| Rent 7 South Street | 4,223 | - | - | 4,223 | 6,240 | |||
| Rathbones AcademyIncome | 47,429 | - | - | 47,429 | 43,650 | |||
| Rathbones PrimarySchool Income | 2,771 | - | - | 2,771 | 2,550 | |||
| CCLA income | 15,184 | - | - | 15,184 | 14,886 | |||
| Bank Interest | 4,957 | - | - | 4,957 | 2,728 | |||
| Donation | 10,000 | - | - | 10,000 | - | |||
| Insurance 5 South Street | 745 | - | - | 745 | 627 | |||
| - | - | - | - | - | ||||
| Sub total(Gross income for AR) | (Gross income for AR)113,026 | - | - | 113,026 | 97,582 | |||
| A2 Asset and investment sales, (see table). Sale of investments - CCLA - - - - - - - - - - Sub total - - - - - Total receipts 113,026 - - 113,026 97,582 ~~—~~ ~~SESS~~ |
||||||||
| A3 Payments | ||||||||
| Administration | 315 | - | - | 315 | 229 | |||
| Studentgrants | 750 | - | - | 750 | 750 | |||
| Student bursaries | 47,700 | - | - | 47,700 | 37,550 | |||
| The FoweyRiver Academy | 18,496 | - | - | 18,496 | 11,494 | |||
| FoweyPrimarySchoolgrant | - | - | - | - | 1,440 | |||
| Propertyrepairs and maintenance | 31,114 | - | - | 31,114 | 1,688 | |||
| Rathbones Investment management fees | 10,968 | - | - | 10,968 | 10,340 | |||
| PropertyManagement fees | 914 | - | - | 914 | 1,165 | |||
| Electricity- 7 South Street | 40 | - | - | 40 | - | |||
| Insurance South Street Flats & Shops | 1,489 | - | - | 1,489 | 1,254 | |||
| Insurance Trustees' Liability | 520 | - | - | 520 | 536 | |||
| Clerks Stipend | 6,300 | - | - | 6,300 | 6,000 | |||
| Postage and Stationery | - | - | - | - | 32 | |||
| Legal and professional | 2,910 | - | - | 2,910 | 1,885 | |||
| Legal and professional - 7 South Street | - | - | - | - | - | |||
| Accountancy | 882 | - | - | 882 | 840 | |||
| - | - | - | - | |||||
| **Sub total ** | 122,398 | - | - | 122,398 | 75,204 | |||
| A4 Asset and investment purchases,(see table) - - - - - - - - Sub total - - - - - Total payments 122,398 - - 122,398 75,204 ~~——————~~ |
||||||||
| Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end |
- 9,372 - - - 9,372 22,378 - - - - - 132,694 - - 132,694 110,316 123,322 - - 123,322 132,694 ~~SSS~~ |
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 B5 Liabilities B4 Assets retained for the charity’s own use B3 Investment assets B2 Other monetary assets B1 Cash funds |
Signature Details Details Details 5 South Street Fowey Details 7 South Street Fowey 2 Churchside Fowey Rathbones portfolio CCLA Garden Esplanade Fowey 1-3 South Street Fowey Details Income account (01439144) Expenditure account (01385436) Primary Schoole Executive account (02470649) Petty Cash Rathbones 32-Day account Total cash funds (agree balances with receipts and payments account(s)) |
Unrestricted funds Restricted funds to nearest £ to nearest £ 46,914 - 8,667 - 7,722 - 17 60,002 - 123,322 - 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) - - - - - Print Name |
Endowment funds to nearest £ |
|---|---|---|---|
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| OK | |||
| Endowment funds to nearest £ |
|||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| Current value (optional) |
|||
| 1,712,545 | |||
| 532,288 | |||
| - | |||
| - | |||
| - | |||
| - | |||
| Current value (optional) |
|||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| When due (optional) |
|||
| Date of approval |
|||
j CHARITY COMMISSION Independent examiner's report o_n the accounts FCIKI Fmfil AN:D :I.N,, W.1 Sertion A Indepondent Examinei"s Report Roport to the trustèO51 members of The Fowey Gramtnar School Foundation On accountg for the yr 6ndod 31 f. March 2025 Charity no 300571 (if anyl I Set out on Pf4geg I report to the trustees on my examination of the accounts ol the above chafity {"tle Trust") for the yeai" ended 31" Idaich 2025. Re8pon8ibilitie8 and As the challty trustees of the Trust. you are responsitjle tr the prepaiation ba8is of report of the accounts in accordance th the r6quiremenls of the Charities Acl 2011 ("the Act") I report in respect of my examlnatlon of the Tru3t's accounts carried out undef sectlon f45 of the 2017 Act and In Garrying out examinatlon, I have follc>wed the applicable Directlons given by the Charity Commission under section 14¥5Xb) of the Act. I havB completed my examination. I confimi that TID matersal matters have come to my attention in connection with the examination which gives me cause to believe that in. any materlal respect: accounting records were not képt in accordancè with sèction 130 of the Ad or the accounts do not accord with the accountlng records Independent examinerfs statement I have no conM$ an<5 have come acfQSS no other matters In conneclion wilh the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed: Dats: i 15.05.2025 Name: Amy Sole FGA Relevant profes8lonal qualificationl8) or body (if any)" Fellow member of the Institute of Chartered Accountants EnglarKI & Wales Address: Phillips Frith ILP 9 Tregarne Terrace, St Austell. Cornwall. PL25 4DD Section B Dtsclosuie Only complete if the examiner needs to highlight matters of CDncem (see CC32. Independent examination of charity accounts: dire¢iions and guidance for examiners).