## **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,