## **STEYNING GRAMMAR SCHOOL** ## **FOUNDATION** **Registered Charity Number: 307031** # **ANNUAL REPORT AND FINANCIAL STATEMENTS** **31[st] MARCH 2025** ## **Chair’s Report** Progress on finalising an updated charitable Scheme has been slow, time consuming and costly. Good news finally came on 26[th] June 2025 when the Charities Commission confirmed that the Foundation’s new Scheme was effective. The Scheme provides for the sale of land no longer required by Steyning Grammar School and includes special provisions for Brotherhood Hall. In April 2024, Strutt and Parker were appointed to market and sell the Church Street site. With Dormer House no longer being needed by the School’s boarding provision, it was agreed to put the whole site up for sale. The site was offered in several of lots including all the four listed buildings. Following an extensive marketing campaign a number of offers were received with one offer for the whole site being accepted. Completion on the sale is anticipated before the end of 2025. Holland Cottage continues to generate a small rental income with the school archives enjoying their new home in Chatfields. Considerable progress was made with the refurbishment of Brewers Arms for use as an office co-working space, with the enterprise expected to be fully operational by the autumn of 2025. Financial management continues to be challenging with costs exceeding income for the second year running. The sale of the Church Street site will not only relieve the Foundation from the burden of running the site, but also provide significant levels of funds to support the students of the School and the young people of Steyning. All trustees remained in office throughout the year. ## _**Rod Scott, Chair of Trustees, Steyning Grammar School Foundation**_ THE STEYNING GRAMMAR SCHOOL FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 2024 Flxed Assets Investments Charities Deposit Fund 886 1.811 49.755 1,811 2,697 51,566 Current assets Other Debtors Prepayments Bank balances 16.169 2,817 57,l34 25.825 2.383 28,345 76.120 56,553 Credltors . Amounts falling due wlthiD one year Accruals Other Creditors 367 42.625 46.685 42,992 46.685 N¢t current assets 33.128 9,868 TotAI Assets less curnt liabllltl Represented by: General Funds 61.434 91.209 (Deficit) in the Year (25.609) (29.775) Signed on behalf of the Founthtion Governors as approved on ié September 2025 Chpdir Inde endent Examiner's Re ort I 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 matters to which, in my opinion, attention should be drawn to. Sign￿. Tim Standing FCA (Retired) Date.. 7th Nov ber 2025 ## **THE STEYNING GRAMMAR SCHOOL FOUNDATION** ## **INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 31 MARCH 2025** ||**2025**|**2024**| |---|---|---| |**Income**|**£**|**£**| |Dividends received on Investments|533|1,319| |Interest on Deposit with Charities Deposit Fund|103|86| ||__________|__________| |**Total income from investments**|636|1,405| |Other Income|0|9| |Grants from Horsham District Council|24,000|0| |Rental Income from Boarding|61,509|78,053| |Rental Income The Towers (reimbursed by BET)|65,914|56,876| |Rental Income from Holland Cottage|13,500|11,900| |Rental Income from Steyning Ukrainian Refuge|1,200|300| |Interest on bank deposit|200|0| ||_______|_______| |**Total Income**|166,959|148,543| |Movement in market value of investments|(770)|4,105| ||_______|_______| ||**166,189**|**152,648**| ||_______|_______| |**Expenditure**||| |Legal & Fees|14,264|7,235| |Insurances|4,509|1,889| |Clerk Services|0|130| |Gifts/Donations|58,433|74,151| |Lease to Towers Reimbursement from BET|65,914|56,876| |Architect & Surveyors Fees|0|2,538| |Property maintenance and repairs|3,776|22,896| |Property refurbishment ( Brewers Arms )|26,397|0| |Utility costs|4,728|4,728| |Non-Domestic Rates|13,410|11,980| |Interest payable|367|0| ||_______|_______| |**Total Expenditure**|**191,798**|**182,423**| ||_______|_______| |**(Deficit) for the Year**|(**25,609)**|**(29,775)**| ||_______|_______| ## **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 and deposit accounts with Lloyds Bank plc. ## **Accruals and prepayments** The accounts have been prepared under the Accruals concept in line with best accounting practise. - **2 Investments** |**stments**||||| |---|---|---|---|---| |**Valuations**|**Value at**|**Draw**|**Change in**|**Value at**| ||**1.4.2024**|**down**|**value**|**31.3.2025**| |||**during**|**during the**|| |||**the year**|**year**|| ||**£**|**£**|**£**|**£**| |CBF Church of England Investment Fund|49,217|(48,099)|(784)|334| |COIF Charities Fixed Interest Fund|538|0|14|552| ||_______|______|
______|_______| ||**49,755**|**(48,099)**|**(770)**|**886**| ||**_______**|**______**|**______**|**_______**| |**Number of Units held**|**No. at**|**Sold**|**Purchased**|**No. at**| ||**1.4.2024**|||**31.3.2025**| |CBF Church of England Investment Fund|2,115|(2,100)||15| |COIF Charities Fixed Interest Fund|437.35|**-**|**-**|437.35| |**Units are valued at Mid Market values in**|**Value at**||**Change in**|**Value at**| |**pence as follows**|**1.4.2024**||**value**|**31.3.2025**| |CBF Church of England Investment Fund|2,327.04||(100.22)|2,226.82| |COIF Charities Fixed Interest Fund|122.97||3.19|126.16| ## **3 Other Debtors** Other debtors relate to payments made in respect of future periods. In particular, the lease for Towers reimbursement for the quarter ended 25 June 2025. ## **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 interest on agreed payment extension. ## **6 Other Creditors** Other creditors relate to the Towers rental paid in advance and Boarding licence fees received in advance for the quarter ended 25 June 2025. In addition £16,274 is due to Bohunt Education Trust in respect of Boarding licence fee donations.