## **STEYNING GRAMMAR SCHOOL** # **FOUNDATION** **Registered Charity Number: 307031** # **ANNUAL REPORT AND FINANCIAL STATEMENTS** **31[st] MARCH 2023** ## **Chair’s Report** ## 1 April 2022 – 31 March 2023 Easter 2022 saw the appointment of a new Headteacher, Adam Whitehead who was welcomed to our Foundation as a Trustee. In September 2022 the Local Governing Body of the school appointed a new Chair, Rod Scott who also took up a position as Trustee of the Foundation. These two have made significant contributions to the trust. Meetings continued online on a monthly basis until early 2023 when we were able to return to in person meetings in Brotherhood Hall. Sadly the travelling to meetings meant that our erstwhile clerk, Louise Crick, could no longer fulfil her role and we were pleased to appoint Katharine McGuire as her successor. Rod Scott took over the role of Treasurer of the Foundation and there has been a gradual process of passing financial authority across to him while Richard Goodman retains a second signatory function. Brotherhood Hall has been subjected to considerable cleaning and redecoration by volunteers in order for it to be used by the Steyning Ukrainian Refuge. This is a charity that offers language courses and living support to Ukrainian refugee families in the Steyning area. Trustees have been reassured to know that the buildings which had been left empty are now in regular daily use. From August 2022 Holland Cottage has been occupied by the Headteacher of Bohunt Worthing who has carried out a considerable amount of decoration and improvement to the property. There has been significant expense on the fire protection systems in Brotherhood Hall as well as repairs to the roof. But the process of gaining planning permission to allow the sale of land at the rear of Church Street for development is progressing slowly. There have been discussions with Horsham District Council as well as Historic England. Trustees have been in liaison with the Charity Commission to review the charitable objects of the Foundation. We hope that Brotherhood Hall will be able to be of use and value to the local community. How this may be achieved is still uncertain but discussions with the school, the Diocese and the Charity Commission will continue with a view to resolving the position. We continue to welcome the interest shown in our buildings by Steyning Grammar School Old Boys Association. ## _**Richard Goodman, Chair of Steyning Grammar School Trustees**_ THE STEYNING GRAMMAR SCHOOL FOUNDATION BALANCE SHEET AS AT 31 MARCH 2023 Noles 2023 2022 Fixed assets Investments Charities Deposit Fund 45.650 1,811 47,275 1,811 47,461 49,086 Current assets Bank balance Other Debtors Prepayments 46,179 25.694 1,022 41,968 72,895 41,968 Creditors: gmounts falling due within one year Accruals Other Creditors 2,758 26J89 29,147 Net ¢vrrent assets 43,748 41,968 Total assets less eurrent liabilities £91209 Represented by". General Funds 91,054 84,138 Surplus Income in Year 155 6.916 £91 Signed on behalf of the Foundatkoll Govemots as appmved on l2 Decejnber 2023 Inde endent Examiner's Re ort I have examined the finanLial records as presented to me and confTh that the above accounts are in accordance with those records and there are no matters to which, in my opinion, atten n should be drawn to. Signe Tim Standing FCA Date: ## **THE STEYNING GRAMMAR SCHOOL FOUNDATION** ## **INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 31 MARCH 2023** ||**2023**|**2022**| |---|---|---| |**Income**|**£**|**£**| |Dividends received on Investments|1,321|1,284| |Interest on Deposit with Charities Deposit Fund|32|1| ||__________|__________| |**Total income from investments**|1,353|1,285| |Other Income|18|18| |Donations received|500|0| |Rental Income from Boarding|73,610|116,667| |Rental Income The Towers (reimbursed by BET)|45,722|27,298| |Rental Income from Holland Cottage|11,250|5,750| ||_______|_______| |**Total Income**|132,453|151,018| |Movement in market value of investments|(1,625)|3,526| ||_______|_______| ||**130,828**|**154,544**| ||_______|_______| |**Expenditure**||| |Legal & Fees.|0|3,465| |Trustee Insurance Premium|54|637| |Clerk Services|398|607| |Gifts/Donations|68,679|105,000| |Lease to Towers Reimbursement from BET|45,721|27,298| |Architect & Surveyors Fees|7,800|10,621| |Property maintenance and repairs|5,263|0| |Utility costs|2,758|0| ||_______|_______| |**Total Expenditure**|**130,673**|**147,628**| ||_______|_______| |**Surplus Income for the Year**|**155**|**6,916**| ||_______|_______| **THE STEYNING GRAMMAR SCHOOL FOUNDATION** ## **Notes to the accounts** ## **1 Accounting policies** ## **Basis of preparation** The accounts have been prepared on the historical cost basis, as modified by the revaluation of investments at the year end at mid-market value. ## **Going concern** The accounts have been prepared on a going concern basis and no uncertainties have been identified that may cast significant doubt about the ability of the Foundation to continue. ## **Bank balances** Bank balances comprise of cash held on our current account with Lloyds Bank plc. ## **Accruals and prepayments** This is the first year that the accounts have been prepared under the Accruals concept in order to bring our policies in line with best accounting practise. Previous years accounts have been prepared on a Cash basis. ## **2 Investments** |**Unit**|**Description**|**Value as**|**Change in**|**Value as at**| |---|---|---|---|---| |**Funds**||**at**|**value**|**31.3.2023**| |||**1.4.2022**|**during the**|| ||||**year**|| |2115|CBF Church of England Investment Fund|46,729|-1,594|45,135| |437.35|COIF Charities Fixed Interest Fund|546|-31|515| |||_______|______|_______| |||**47,275**|**- 1,625**|**45,650**| |||**_______**|**______**|**_______**| ||Investments are valued at Mid-Market value as follows|||| |2115|CBF Church of England Investment Fund|2209.45|- 75.42|2134.03| |437.35|COIF Charities Fixed Interest Fund|124.29|-6.53|117.76| **3 Other Debtors** Other debtors relate to payments made in respect of future periods. In particular donations for boarders relating to April and May 2023 and lease for Towers reimbursement for the quarter ended 25 June 2023. - **4 Prepayments** Prepayments relate to the proportion of annual contracts paid in advance at the year end. ## **5 Accruals** Accruals relate to expenses incurred prior but not paid at the year end. ## **6 Other Creditors** Other creditors relate to Towers rental paid in advance for the quarter ended 25 June 2023 and licence fees to occupy received in advance for April and May 2023.