STEYNING GRAMMAR SCHOOL
FOUNDATION
Registered Charity Number: 307031
ANNUAL REPORT AND FINANCIAL STATEMENTS
31[st] MARCH 2024
Chair’s Report
1 April 2023 – 31 March 2024
In January 2024. Richard Goodman stepped down as Chair and Rod Scott was duly elected in his place. The Trustees offer their thanks to Richard for his hard work and dedication to The Foundation. Rod is continuing in his role as Chair of the Local Governing Body of Steyning Grammar School. In February 2024, Christine Brotherston was appointed Vice Chair and David Mockler was appointed as a trustee, with David taking over the role of Treasurer from Rod Scott.
Progress on a establishing a revised charitable Scheme has been slow with drafts being passed between a number of legal representatives including the Charities Commission. However, in February 2024, the Foundation appointed a new law firm and it is hoped that a new Scheme will be in place by the end of 2024. Special provisions relating to Brotherhood Hall (Grade 1 listed) to be made in the scheme.
The lack of advancement around the sale and development of the Church Street site has proved very frustrating. With four years having passed since the last marketing exercise, and given the pandemic and other factors impacting the property market, the trustees agreed to go back out to the market with an alternative property agent.
Holland Cottage continues to generate a small rental income. Chatfields is now the new home for the school archive and Brewers Arms is being upgraded for use as an office co-work place, assisted by a grant from Horsham District Council.
Rod Scott, Chair of Steyning Grammar School Foundation
THE STEYNING GRAMMAR SCHOOL FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 Ffixed assets Investments Charities Deposit Fund 49,755 1,811 45,650 1,81 I 51,566 47.461 Current assets Other Debtors Prepayments Bank balance 23,825 2,383 28,345 25.694 1,022 46,179 56.553 72.895 Creditors . amounts falllng due within one year Accruals Other Creditors 2.758 26,389 46,685 46,685 29,147 Net current assets 9,868 43.748 Total assets le88 current liabilities £91209 Represented by: General Funds 91,209 91,054 (D¢fi¢it) I Surplus Income in Year (29,775) 155 91 Signed on behalf of the Foundation Governors as approved on 10 September 2024 CbAlr Inde endent Examiner's Re ort J have examined the financial records as presented to me and confinn that the above accounts are in accordance with those records and there are no matteTS to which, in my opinion, attention should be drawn to. Signed: Tim Standing FCA (Retired) Date: 19 November 2024
THE STEYNING GRAMMAR SCHOOL FOUNDATION
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| 2024 | 2023 | |
|---|---|---|
| Income | £ | £ |
| Dividends received on Investments | 1,319 | 1,321 |
| Interest on Deposit with Charities Deposit Fund | 86 | 32 |
| ____ | ____ | |
| Total income from investments | 1,405 | 1,353 |
| Other Income | 9 | 18 |
| Donations received | 0 | 500 |
| Rental Income from Boarding | 78,053 | 73,610 |
| Rental Income The Towers (reimbursed by BET) | 56,876 | 45,722 |
| Rental Income from Holland Cottage | 11,900 | 11,250 |
| Rental Income from Steyning Ukrainian Refuge | 300 | 0 |
| _ | _ | |
| Total Income | 148,543 | 132,453 |
| Movement in market value of investments | 4,105 | (1,625) |
| _ | _ | |
| 152,648 | 130,828 | |
| _ | _ | |
| Expenditure | ||
| Legal & Fees. | 7,235 | 0 |
| Insurances | 1,889 | 54 |
| Clerk Services | 130 | 398 |
| Gifts/Donations | 74,151 | 68,679 |
| Lease to Towers Reimbursement from BET | 56,876 | 45,721 |
| Architect & Surveyors Fees | 2,538 | 7,800 |
| Property maintenance and repairs | 22,896 | 5,263 |
| Utility costs | 4,728 | 2,758 |
| Non-Domestic Rates | 11,980 | 0 |
| _ | _ | |
| Total Expenditure | 182,423 | 130,673 |
| _ | _ | |
| (Deficit) / Surplus Income for the Year | (29,775) | 155 |
| _ | _ |
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
The accounts have been prepared under the Accruals concept in line with best accounting practise.
2 Investments
| Unit | Description | Value at | Change in | Value at |
|---|---|---|---|---|
| Funds | 1.4.2023 | value | 31.3.2024 | |
| during the | ||||
| year | ||||
| 2115 | CBF Church of England Investment Fund | 45,135 | 4,082 | 49,217 |
| 437.35 | COIF Charities Fixed Interest Fund | 515 | 23 | 538 |
| _ | ______ | _ | ||
| 45,650 | 4,105 | 49,755 | ||
| _ | ______ | _ | ||
| Investments are valued at Mid-Market value as follows | ||||
| 2115 | CBF Church of England Investment Fund | 2134.03 | 193.01 | 2327.04 |
| 437.35 | COIF Charities Fixed Interest Fund | 117.76 | 5.21 | 122.97 |
3 Other Debtors
Other debtors relate to payments made in respect of future periods. In particular donations for boarders relating to April and May 2024 and lease for Towers reimbursement for the quarter ended 25 June 2024.
4 Prepayments
Prepayments relate to the proportion of annual Insurances and Maintenance 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 2024 and licence fees to occupy received in advance for April and May 2024, and the Non-Domestic Rates charge for the full year,