Charity reglstratlon number 309903 KETTERING OLD GRAMMAR SCHOOL FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
KETTERING OLD GRAMMAR SCHOOL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustè6 KOGSF Trust8e Limited Charlty number 309903 Reglstered office 36 The Business Exchange Rockingham Road Kettering Northamptonshire NN16 8JX Audltorn els Audit Services Westpoint Lynch Wot)d Pelerborough Cambridgeshire United Kingdom PE2 6FZ Bankgrn Barclays Bank plc Barclays Technology Centre Radbfooke Hall Knutsford Cheshire United Kingdom WA16 9EU Sollcltor8 Veale Wasbrough Vizards 3 Brindley Place Birmingham United Kingdom B12JB Investmont advlsors Evelyn Partners 103 Colmore Row Birmingham B3 3AG United Kingdom
KETTERING OLD GRAMMAR SCHOOL FOUNDATION CONTENTS Page TrLSStee report Statement of Trustee responsibilities Independent auditor's report Statement of financial activities 10 Balance sheet 11 Notes to the financial statements 12-23
KETTERING OLD GRAMMAR SCHOOL FOUNDATION TRUSTEE REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustee presents its report and financial statements for the year ended 5 April 2024 which have been drawn up in the format required by the Statement of Recommended Practice for Accounting and Reporting by Charities (revised 2015}. The Governing Document is the Charity Commission Scheme dated 2 July 1996. History On 15 June 1577, Queen Elizabeth I granted lands and properties for the establishment of a school in Ketterlng. Over the next 300 years, the school had a varied history. In 1888, a new scheme was adopted for the administration of the school and its property, creating a governing body, and this was approv8d by Queen Victoria in Council. On 4 May 1911, another new Scheme (under the Endowed School Acts 1869, 1873 and 18741 was approved, and this was subsequently amended by new Schemes dated 24 February 1955, 30 December 1971, 17 February 1976 and 20 May 1988 and finally 2 July 1996. On 3 April 2014 a scheme was approved, which includèd the authonsation to appoint KOGSF Trustee Limited as the sole trustee of the Foundation. Objective• and a¢tlvlti?8 The objects of the Foundation are the provision of educational benefits and for the development of a particular tslenl in the areas of the arts or sport for youngslers who live in the former Borough of Kettering and who have attended a school in the former Borough of Kettering for not less than tsvo years. Following a reorganisation of local government in 2021 the Borough became part of North Northamptonshire Council. The Foundalion carries out these objects by.. • making grants to Ketterlng youngsters to assist in their education making grants to those schoolslorganisalions supporting the education of young people from the Borough of Kettering awarding bursaries lo individuals to assist them during their training and progression in their chosen art or sport offering residential courses for young people from Kettering schools at the Foundation's outdoor activity centre In Govilon, Wales namely The Govilon Learning & Activity Centr8 Publlc beneflt test The Governors confirm thal they have referred to thè guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy for the year. The Govemors acknowledge the Foundation's responsibility in providing a public benefit and believes that this requirement is fulfilled by the support given lo youngsters across a wide range of social and economic backgrounds. The Trustee has paid due regard to guidance issued by the Charity Commission in deciding what activilies the Foundation should ursdertake.
KETTERING OLD GRAMMAR SCHOOL FOUNDATION TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 ObJectlve$ The Governors shall let and otherwise manage all lands belonging to the Foundalion. After payment of expenses, the net annual income of the Foundation is to b8 applied as follows: Provision of special benefits of any kind not normally providad by ihe Local Education Authority, for any county, voluntary or special school in the Borough of Kettering. Provision of facilities not provided out of statutory funds for recreation and social and physical training for persons receiving primary, secondary or further education in the Borough of Kettering or who are residenl in the Borough. Provision of other educational benefits for children, young persons or 8dulls resident in the beneficial area, who are attending or who have for not less than Iwo years attended an educational institution in the beneficial area, by way of.. scholarships, bursaries or maintenance allowances,, financial assistance, provision of clothing, tools, books 8tc to ènable beneficiaries lo prepare for, or to enter, a profession, trade or calling. Scholarships or maintenance allowances can be made for travel for education purposes and generally promoting the education of beneficiaries. Grant maklng pollcy During the year. the Foundation continuès lo make grants to deserving local causes. both lo individuals and inslitulions, subject to the Govefnors, approval. Grants are made at the discretion of the Foundation's Govemors. A website has been dev8lop8d for the foundation www.kogsf.org.uk which provides details regarding the grant application process. Achlevements and perfomiance The funds of the charity have been applied in maintaining the Govilon Learning & Activity, assisting schools within the fomer 8orough of Kettering and making granls to individuals and to other organisations within the terms of the trust. Please refer to the notes of the financial stalements for details of the number of grants made and material grants made lo institutions. The policy of the Foundation is 'lo make a difference, and this has certainly been the case with those Individuals who we support wllh bursaries, some of whom are of Olympic standard. The Gifted and Talented Programme commenced with the six Kettering Secondary Schools and was extended lo all Kettering Pnmary. We support nationally recognised programmes to raise the ambition of students. Many teachers are still not fully aware of how to properly support their gifted and talented students and the Foundation's programme has greauy assisted them. The Gifted and Talented Programme is to continue for the financial year 202412025.
KETTERING OLD GRAMMAR SCHOOL FOUNDATION TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Beneflts Committee The Board has delegated the duties of examining all applicalions for assistance to seven Governors. During the year Ihis Committee was chaired by Mrs P Scouse with Mr S Welsh as vice chair, Mr G Bhavra, Ms K Reynolds and Mr N Moodie as members,. Mr D Watson attends as an ex-officio member. The Committee examines in detail aach application and makes further enquiries including holding interviews with applicants and in the case of individuals, th6ir family where relevant, before recommending to the Board the approval or othefwise of the application. The Benefits Commillee have been given delegated authority lo deal with all straight fomard appliGations whereas Ihe Board of Governors makes the final decision in respect of larger and more detailed applications. It is still Ihe policy of thé Foundation that automatic grants are not made lo each applicant proceeding to further or higher education and grants will only be made lo those applicants who arè in financial n8ed and/ show particular latent. Bursaries being granted to young persons who are proficient in music, drama or sport and ar8 in financial need but do not qualify for grants from The Local Education Aulhorily. Careful monitoring of the family financial position is maintained as such bursaries may need to continue for several years. Fourteen youngsters are currently re¢eiving bursaries from the Foundation. Thes8 bursaries include pérforming arts, athblics, gymnastics. boxing, crickèl and yachting and there are one or possible candidates for a future Olympic Games. The Foundation is continuing to support grfted and talented individuals within the Kettering Secondary and Primary Schools. The Governors have placed great emphasis on making grants in circumstances where Ihe support will make difference to the applicant whether it be an individual or an institution or club involved with young people. Govllon Learning &Actlvlty Centre, Govllon, Brecon The Foundation has for many years operated the above centre which offers residential courses for young people from Kettering Schools. The experiences include climbing. canoèing, walking, nature sludi8s and a visit to a lo¢al coal mine museum. All meals are cooked at the centre and special dietary requirements can be catered for. The Centre is run through a Committee chaired by Mrs M Mitchell and comprising Governors of the Foundation. The Centre is managed on a joint basis by centre manager Mr N Fitzgerald and by centre adminislrator Mrs J Phillips. Careful monitoring of the substantial regulation requirements is maintained. The Centre is heavily subsidised by the Foundalion but the value it givés to young people should not be measured in financAal terms alone. Flnanclal revlew The Govilon Learning & Activity Centre reopened part way through the year following thè relaxation of COVID-19 regulations resulting in an increase in income although not yet lo levels previously seèn. The income deficit for Ihe year was £37,767 compared with a deficil of £55,701 in the previous year. Realised and unr8alised gains on securities amounted to £210,729 for the year {2023'. loss of £281,899). The Govilon Learning & Activity Centre produced a deficit on Irading of £61,508 compared with £50,758 in the prèvious year, after taking into account renovation costs which were incurred during the year. Investmenl income remained resilient and rental income remained constant. The Foundation Closed the year with net funds of £5,295,146.
KETTERING OLD GRAMMAR SCHOOL FOUNDATION TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Reserves pollcy The Governors recognise that the substantial resetves of the foundation are represented by income producing assets and any dep18tion in those res8rves will reduce the resource available to meet the objectives of the Foundation. It is the policy of the charity to hold free reserves in ils d8POSIt accounts which have not yèt been committed or designated for any particular purpose. The Governors have sel aside these reserves in order to prolecl the future OP8rations of the charily from the effects of any unforeseen variations in its income slream as part of a policy of good financial managemént practlce. Investment pollcy The Governors have considered the mosl appropriate policy for investing funds, which are managed on Iheir behalf. Managed funds compris& of various listed investments including fixed interest, equities and commodities. as well as maintaining cash held on deposit. Rlsk management The Govemors have considered the risks that the Charity is exposed to in the ordinary course of fulfilling ils objectives. They are satisfied that, for those risks that they have identified, the Charity has established adequale review systems which under normal conditions, should allow these risks to be mitigated to an accept*le level in its day to day operations. Plans lor the future The leases on several of the Foundation's investmeni properties have been renewed In the last three years and the state of the Kettering rètail shops market has given rise lo a significant reduction in rental income at a time wh8n ¢Jemand for educallonal support continues to increase. The returns on our investments however 6uld enable the Foundation to continue providing support for the foreseeable future. Structurei governance and management The administration of the Foundation is carried out by the dlrectors of KOGSF Trustee Llmited (kncwn as Governors) who are appointed to serve for a period of four years and may be reappointed for subsequent terms. Up to tsvelve co-opted Governors are appointed to the Board. The Board seeks to attract as new co-opted Govemor5 persons who can offer the skills and experiencè needed to control a Charity of this nature. New Governors are inducted into Ihgir responsibilities by an explanation of the history and work of the Foundation and a detailed review of recent financial statements and minutes of recent board meetings. On appointment and re- appointment, a Governor must sign a form accepting the code of condu¢l required by the Foundation.
. KETfERING OLD GFfAMMAR SCHOOL FOUNDATION TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 The Gov¢morn In ofhce 8lnce 8 Aprfi 2023 r•. Davld Vknon FCA {Chalmian) Mark Bcdlcoat {R8tlr•d March 2024) Stuart Kblch (Mce Chalrman) . Pat Scou80 Nlcola8 Mood1• Ghlta Bhavra Anthory Shemllt Katle Reynold8 Margaret Mltchell BUI Parker Sue lter* Mark Aldemian (Appolnt•d Septsmhr 2023) ' Th• Govamor8 mirked wllh ' arè a forni•r pupll of Kotterfng Grammar 8Ghool. Th8 Gov•morn m••t quarterly. Mr Chrf8toph•r Groom• ha8 8100d down a8 a Govemor durfng tha year and ha8 b••n appolnted In the honorary offlc• of Patron In trlbute to the Gon8ld8rabl8 contrfbutlon he ha8 made to the foundatlon durfng h18 Ilmo on the Mr8 M Swann18 Clerk lo the Govomor8 and 8h• carr1•8 Out all th• admlnl•tratSon of th• Found•tlon 8ubJect to the In8tructlon8 of the Board. The Foundatlon rents an office at Th• Bu81ne88 Exthange In Rocklngham Road, Ketterlng. Audltor In 4ceordanc• wlth the companY8 •rtlc108, a ro8olutton propo8lng thai AzthAudlt 88rvlce8 be reappolnt•d a• audltor of the company wlll b• put at a Gen8rn1 M8otlng, Dl•clo•urn of Infommtlon to •udltor The memb8rn of th• Tru8tee ha8 ¢onfinn•d that thore18 no Infomiatson of whlch h818 aware thIch18 r8levant to the audlt, but of whlch th• audltor 58 unaware. He ha8 furth•r confimifjd that he h88 tak8n approprtate otep8 to Identi 8uch relevant Infom)atlon arKI lo estalSh that th• audltor18 awar• of 8uch Informatlon. n behalf of KOGSF Tru8t•o Llmlted Datod: 27 Jum 2024
KETTERING OLD GRAMMAR SCHOOL FOUNDATION STATEMENT OF TRUSTEE RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The Trustee is responsible for preparing the Trustee Report and the a¢¢ounls in accordance with arplicable law and United Kingdom Accounting Standards (United Kingdom Generally Acxepied Accounting Practice}. The law applicable lo charities in England and Wales requires the Trustee lo prepare accounts for each financial year which give a true and fair view of the stale of affairs of the Foundation and of the incoming resources and application of rèsources of the Foundation for that year. In preparing these accounts, the Trustee is requlred to.. select suitable accounting policies and Ihen apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent.. statè whether applicable accounting standards have been followed, subj8GI to any matèrial departures disclosed and explained in the accounts.. and prepare the accounts on the going concern basis unless it is inappropriate lo presume that the tharity will continue in operation. The Trustee is responsible for keeping sufflcienl accounting records that disclo$8 With réasonable accuracy at any time the financial position of the Foundation and enable it to ensure Ihal the accounts comply wilh the Charities Act 2011. the Charily (Accounts and Reports) Regulations 2008 and the provisions of the Irust deed. It is also responsible for safeguarding the assets of the Foundation and hence for taking r8asonable st8ps for the prevention and detection of fraud and other irregularities.
KETTERING OLD GRAMMAR SCHOOL FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF KETTERING OLD GRAMMAR SCHOOL FOUNDATION Opinion We have audited the financial statements of Kettering Old Grammar School Foundation {the 'Foundation') for the year ended S April 2024 which comprise the statement of financial aclivilies, the balance sheet and the notes to the financial slalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 The Financial Roporting Standard applicable in the UK and Republic of Irvland {United Kingdom Generally Aepted Accounting Practice). In our opinion. Ihe financial statements- give a true and fair view of the State of the charity's affalrs as at 5 April 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in a¢¢ordance with Unit8d Kingdom Generally ACpted Accounting Practi., and have been pr8par8d in accordance with the requirements of the Charities Act 2011. Basis for oplnion We conducted our audit in accordance with International Slandards on Auditing (UK) {ISAs {UK)l and applicable law. Our responsibilities under those standards are further described in th8 Auditors responsibilities for tho audil ol the fin8nci81 statements section of our report. We are independent of Ihe Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu81on8 relatlng to golng concern In auditing the financial slalements, we have concluded Ihat the Trustee use of the going Concern basis of accounting in th8 preparation of the financial slatements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the Foundation's ability to continue as golng concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the r818vant sedions of this report. Other Informatlon The other information comprises the information included in the annual report other Ihan the finala1 statements and our auditors report thereon. The Trustee is responsible for the olher information contained within the annual report. Our opinion on the financial statements does not COV8r the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistenl with the financial statements or our knowledge obtained in the course of the audit, or othemise appears lo be materially misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a materkgl misstatement in the financial statements themselves. If. based on the work we havo performed, we conclude that there is a material misstatement of this other information, we are required to report that facl. We have nothing to report In this regard. Matters on whi¢h we are required to report by exceptlon We have nothing lo report in r8spect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report to you if, in our opinion.. the information given in the financial statements 18 inconsistent in any material respect with the Trustee report- or sufficient accounting records hav8 not been kept.. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
KETTERING OLD GRAMMAR SCHOOL FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF KETTERING OLD GRAMMAR SCHOOL FOUNDATION Responsibilities of Trustee As explained more fully in the statement of Trustee responsibilities. the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal ¢onlrol as the Trustee determines is neSSary to anable the preparation of financial statements that are free from material misstatemenl, whether due to fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the Foundation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going ¢oncern basis of accounting unless the Trustee 81ther intend to Cease operations, or have no realistic alternative but lo do so. AuditoV$ respon8ibilitle8 for the audlt of the flnanclal statements We have been appointed as audilor under section 144 of the Charities Acl 2011 and r8POrt in accordance with the Act and relevant regulations made or having effect Ihereunder, Our objectives are lo obtain reasonable assurance about whether the financlal statements as a whole are free from malerial misstatement, whether due to fraud or error, and to issue an audito¢s report that includes our opinion. Reasonable assurance is a high level of assurance bul is nol a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financlal Reporting Coun¢ll's w8bsit8 at.. httPS'.11 www.fr¢.org.ukJauditorsresponsibilities. This description forms part of our auditols report. Extsnt to whl¢h tho audit wa8 ¢onsider8d capable of detectlng Irregularltle8, Includlng fraud Irregularities, including fraud, ar8 instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud, We obtain and update our understanding of the entity, its activities, its control environmènt. and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity 1$ complying with that framework. Based on this und8rslanding, we id6ntify and assess the risks of material misstatement of the financial slalements, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary lo applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with18ws and regulations, including fraud, we designed proodures which included.. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings of those charged with governance., Assessing the extenl of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance wilh applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including lesting of journal enlries and other adjuslmenls for appropriateness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will nol delecl all irregularities, including those leading to a material misstatement in the financial slatemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions rellecled in the financial statements, as we will be less likely to become aware of instances of noTrcompliance. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations. or the override of internal control.
KETTERING OLD GRAMMAR SCHOOL FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF KETTERING OLD GRAMMAR SCHOOL FOUNDATION Use of our report This report is made 801ely to the charltys trustees, as a body. In accordance wlth part 4 of the Charlties (Account8 and Reports) Regulations 2008. Our audit work has been undertaken so that we might State to the Gharity's trustee8 those matters we are requlr8d to stste to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibllity to anyone other than the charlty and the charty'8 trustees as a body, for our audit work, for this report. or for the oplnlons we have formed. Mr Mark Jack80n FCA DChA (Senlor Statutory Audltor) for and on behalf of Azots Audlt SeTvlco8 2Y...(v..."IQAr Chartor•d Accountants Ststutory Audltor INestpolnt Lynch Wood Peterborough Cambridgeshire Unit8d Klngdom PE2 6FZ A2ets Audit Services 1$ eligible for appointment a8 audltor of tha Foundatlon by vlrtue of It8 eliglbillty for appointment as auditor of a company under 8ectlon 1212 of the Companles Act 2006.
KETTERING OLD GRAMMAR SCHOOL FOUNDATION STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestrlcted Endowment funds funds 2024 2024 Totsl Unrestricted Endowment funds funds 2023 2023 Total 2024 2023 Notss Donations and legacies Income from charitable activities Investments 182 182 301.510 214,689 301,510 214.689 297,528 197,444 297,528 197,444 Total Income 516.381 516,381 494,972 494,972 Charitablè activities 554,148 554,148 550,673 550,873 Net Incomellexpendlturn (37,767) (37,767) {55,701) (55,701) Nel gainsl(losses) on investments 11 5,804 4,925 10,729 1152,507) (129,392) (281.899) Net loutgoingllincoming resource8 (31,963) 4,925 (27,038) 1208,208) (129,392) 1337,600} Other recognlséd galn8 and1088e8 Revaluation of tangible fixed assets 55,000 55,000 Net movomant In funds 23,037 4,925 27,962 {208,208) (129,392> (337.600) Fund balances at 6 April 2023 2,291,853 2,975,331 5,267,184 2,500,061 3,104,723 5,604,784 Fund balan¢e8 at 5 Aprll 2024 2,314,890 2,980,256 5,295,146 2,291,853 2,975,331 5,267,184 The statement of financial activities includes all gains and losses re¢ognised in the year. All income and expendilure derive from continuing activilies. 10-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes Fixed assets Tangible assets Investment properties Investments 13 14 15 563,113 1,200,000 3,419,020 508,404 1,400,000 3,237,241 5,182,133 5,145,645 Current a88ets Slocks Debtors Cash at bank and in hand 16 17 3,026 31,173 146,077 1,931 26,581 156,160 180,276 184.672 Credltorn: amounts falling due wlthln one year 18 {67,2631 (83.133) Net current assets 113,013 121,539 Total assets le$s current Ilabllltle8 5,295,146 5.267,184 Capltal fund* Endowment funds- general Incomè fund8 Unrestricted funds 2,980,256 2,975,331 2,314.890 2,291,853 5,295,146 5,287,184 The financial statemenls were approved by the Trustee on 27 June 2024 D Watson On behaff of KOGSF Trustee Limited 11
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policles Charity information Kettering Old Grammar School Foundation is a public benefit entity. 1.1 Accounting conventlon The financial statements have been prepared in accordance with Ihe Foundation's governing document, the Charities Act 2011 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing Ih8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The Foundation is a Public Benefit Enlity as defined by FRS 102. The Foundalion has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 nol to prepare a Statement of Cash Flows. The financial statements have departed from the Charilies (Accounts and Reports} Regulations 2008 only to the extent reqLJired lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice whlch is referred to in Ihe Regulalions bul which has since been withdrawn. The financial statements are prepared in sterling. which is the functional currency of Ihe Foundation. Monetary amounts in these financial statements are rounded to the nearest £. The accounts hav8 been prepared on the historical cost convention, modified to include Ihe revalualion of freehold properties and to include investment properties and certain financial instruments at fair value. The principal ac¢ounting policies adopted are set out below. 1.2 Golng concern At th8 lime of approving the financial statements, the truslee has a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable fulure. Thus the trustee continues lo adopt the going Concern basis of accounting in preparing the financial statemants. 1.3 Charltsble funds Unrestricted funds are other incoming resources received or generated for expenditure on the general objectives of the charity. Endowment funds are subject to specific conditions by donors that the Capital must be maintained by the Foundation, Income arising from Ihe assets representing the endowment fvnd is treated as unrestricted income lo be used for the general activities of the charity. Any change in the valuation of the underlying investments represented by the endowment fund will be adjusted in Ihe endowment fund. 1.4 Income All monetary donations and gifts are included in fvll in the statement of financial activities when receivable provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred unlil Ihe pre-condilion has been met. Investmenl income, including associated income tax recoveries, is recognised when receivable. Income from charitable activities consist of contributions, received from schools, etc for The Gomlon Leaming & Aclivity Centre activities and is recognised when receivable. 12-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policie$ {Continued) 1.5 Expendlture Expenditure is recognised once there is a legal or construclive obligation to transfer economic benefit to a third party. it is probable that a transfer of 8conomi¢ benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The cosls of each activity are made up of the total of dir*t Gosts and shargd costs, including support costs involved in und6rtaking each activity. Direct costs attributable to a singl8 activity are allocated directly to thal aclivily. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned behveen those activities on a basis consistent wilh the use of r8sourc8s. Central staff costs are allocated on the basis of lime Spent, and depreciation charges are allocated on the portion of the asset's use. Expendilure, which is charged on an accruals basis, is allocated between.. expenditure incurred directly on the fulfilmenl of the charily's objectives (charitable aclivitiesl., and expenditure incurred in meeting the constitutional and stalulory requirements of the charity (governance). Costs are attributed to fvnds on a direct basis. The charity makes grants to children, young people and adults to provide educational benefits. 1.6 Tanglbl• flxed a8$ets Tangible fixed assets are Stated at cost net of d8preciation. Individual asset purchases below £500 are wrllten off on acquisltlon. Freehold land and buildings are not held for inveslmenl purposes, but are assets employed lo fulfil the objectives of the charity. Accordingly. they ar8 not accounted for as an investment property, but are included at valuation. Depreciation is calculated to write down the cost or valuation of all fixed assets held for charity use other than freehold land by equal annual inslalments over their expected useful lives. The rates generally applicable are.. Freehold land & buildings Fixtures, fittings and equipment 4 years The gain or loss arising on the disposal of an asset is d8lemiined as the difference beeen the sale proceeds and Ihe carrying value of the asset, and is recognised in the slatement of financial activities. 1.7 Investment property Some of the properties are held for long-term investment and are included in the balance sheet at their open market values. Deprecialion is not provided in respect of freehold investment properties. 1.8 Fixed a8Set inve8tmènt8 Assets held for investment purposes are valued at market value at Ihe Balance Sheel date and the movement shown in the statement of financial activities comprise both realised and unrealised gains and losses. Listed investments are valued at mid-point quotalion valuation at the balan sheet dale. 13-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting poll¢les (Continued 1.9 Impairnlent of fixed a88et8 Al each réporting end date, the Foundation reviews the Carrying amounts of its tangible and intsngible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extenl of the impairment loss {if any). 1.10 Stocks Stock is value at the lower of cost or nel realisab18 value and relates to stock held at the tuck shop in Govilon. 1.11 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months orless, gnd bank overdrafis. Bank overdrafts are shown within borrowings in current liabilities. 1.12 Financial instruments The Foundation has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in Ihe financial stalemenls, when there is alegally énforceable right lo sel off the recognised amounts and there is an intention to settle on a nel basis or to r8alis8 the assèt and settle th8 liability simultaneously. Baslc financlal assets Basic financial assets, which Include debtors and cash and bank balances, ar8 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless Ihe arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial as88ts classified as receivable within one year are not amortised. Bas1¢ flnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangemenl constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rale of inleresl. Financial liabilities classified as payable within one year are not amortised. Debt Inslrumenls are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary Course of operations from suppliers. Amounls payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amorlised cost using the effective interest method. Derecognltlon of financlal Ilabllltles Financial liabilities are derecognised when the Foundation's contractual obligations expire or are discharged or cancelled. 14-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting polici88 (Continued) 1.13 Taxation The Foundation is not registerèd for value added tax. All amounts subject to VAT are tharefore indusive of VAT. By virtue of its charitable slatus, Kettèring Old Grammar School Foundation are not liable for corporation tax under section 505{11 of the Income and Corporation Taxes Act 1988. 1.14 Employeo beneflts Employees of the Charity are entitled to join a defin8d Contribution 'mon8y purchase, sch8m8. 1.15 Retirement beneflts Paymenls lo defined contribution retirement b8nefit schemes are charged as an expense as Ihey fall dua. CrltlGal accountlng o8tlmates and Judgements In the applicallon of the Foundation's accounting pollcles, the Truslee is required lo make judgements, èstimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors thal are considered to be relevant. Actual resulls may differ from these eslimales. The estimales and underlying assumptions are reviewed on an ongoing basis. Revlsions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and futuro periods where the revision affects both Gurrenl and future periods. Donatlon8 and l•gacla• Unrèstrlctsd funds Total 2024 2023 Donations and gifts 182 182 Income from charltable actlvltle8 2023 2023 Govilon Leaming & Activity Centre 301,510 297.528 15-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investments 2024 2023 Renlal income Income from listed investments Interest receivable 117,951 95,197 1.541 108,459 88,572 413 214,689 197,444 16-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charitsble activltlas Managemant & Property Govilon Activity Centre Total 2023 Total 2023 Staff costs Depreciation and impaimènt Coach hire Food Rates and insurance Repairs to property Water rates Light and heat Climbing equipm8nt Catering equipment Minibus running costs Instructor fees Professional f8es Course costs Telephone Bank charges Stationery and sundries Marketing Administration costs Investment fees 202,224 12,259 11,252 23,602 8,020 7,491 2,165 4,627 4,725 5,726 18,789 37,396 9,212 5,360 1,792 314 7,544 540 202,224 12,259 11,252 23,602 8,179 7,801 2,165 4,627 4,725 5,726 18,769 37,396 21,636 5,360 1,792 429 10,295 540 49,012 14,254 164,148 12,859 11,005 22,602 7,214 37,273 2,415 6,388 7,032 4,434 19,847 49,896 19,907 5,150 739 444 13,583 10.565 45,189 14,258 159 310 12,424 115 2,751 49.012 14.254 79,025 363,018 442,043 454,948 Grant funding of adivities (se8 note 7) Share of governance costs1$88 note 8) 104,607 7,498 104,607 7,498 88,990 6,735 191,130 363,018 554,148 550,673 Analy818 by fund Unreslricled funds 191,130 363,018 554,148 191,130 363,018 554,148 For the year ended 6 April 2023 Unrestricted funds 202,387 348,286 550,673 202,387 348,286 550,673 17-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable 2024 2023 Grants to institutions-. Cricket Sponsorship for Schools Ise Valley Scout Group Kellering Town Harriers Bishop Slopford School 1s8brook School Kettering Town Football Club Kettering Premier Judo Club Loddington Cricket Club Northanls Mltsic & P.A. Trust Kettering 8oxing Academy Red Kite Special School TCA Cheer and Tumble 8.194 4,432 3,000 899 5,000 1,850 5,000 4,590 5,000 3,500 3.000 867 3,900 2.750 4,500 32,001 24,481 Grants to individuals 72,608 64,509 104,807 88,990 Support costs Support Governanc• costs Costs 2024 2023 8a818 of allocatlon Audit fees 7,498 7,498 6,735 Governance 7,498 7,498 6,735 Analysed beeen Charitable activities 7.498 7,498 6,735 Govemance costs includes payments lo the auditors of £5,40012023 £4.950) for audit fees and £2,098 for non-audit services {2023'. £1.785). Trustee No Trustee or person with a family or business connection with the Trustee, received remuneration in the year, directly or indirectly, from the charlty. No expenses were reimbursed to directors of the Corporate trustee KOGSF Trustee Limited in respect of travel and entertaining expenses in the year. 18-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 10 Employee8 The average monthly number of employees during the year was: 2024 Number 2023 Number Total employees 10 Employment costs 2024 2023 Wages and salaries Social security Costs Other pension costs 215,767 18.604 9,857 192,783 11,357 8,456 244.228 212.596 No employee earned £60,000 per annum or more in the Current or preceding accounting period. There were no employees whose annual remuneration was £60,000 or more. 11 Not gain8111089881 on Inv•8lments Unre8trlctsd Endowment fundg fund8 general 2024 Total Unreatrictod Endovmient fund8 funds general 2023 Total 2024 2024 2023 2023 Revalu8tSon of invéstments Revaluallon of inv8slmeni properties 114,004 96,725 210,729 (152,507) (129,392) {281,899} (108,200) (91,800) (200,000) 5,804 4,925 10,729 (152,507) (129,392) (281,899) 12 Taxation The chariiy is exempt from lax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its dlaritable objects. 19-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 13 Tangible flxed a88ets Freehold Fixtures, land & flttings and bulldings equipment Totsl Cost or valuatlon At 6 April 2023 Additions Disposals Revaluation 495,000 138,715 11,968 (3,000) 633,715 11.968 13.000) 55,000 55,000 At 5April 2024 550,000 147,683 697,683 Depreclatlon and Impalnnent At 6 April 2023 Deprecialion charged in the year Eliminated in respect of disposals 125,311 12,259 (3,000) 125,311 12,259 {3,0001 At 5 April 2024 134,570 134,570 Carrylng amount At 05 April 2024 550,000 13,113 563,113 At 05 April 2023 495,000 13,404 508,404 The carrying value of land included in land and bulldin9s comprises.. 2024 2023 Freehold land 200,000 200,000 The land and buildings are revalued every 5 years by independent valuers not connected with the Foundation on the basis of market value. The valuallon conforms to International Valuation Standards and was based on recent market Iransaclions on arm's length terms for similar properties. The latest valuation was in 2024 and this has been reflected within the figures noted above. At 5 April 2024, had the revalued assels been carried at historic cosl less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £104,510 (2023 £104,510). Legal tille to the property is in the namè of the Truste8. KOGSF Trustee Limited. -20-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Investment property 2024 Fair valua At 6 April 2023 Net gains or losses through fair value adjustments 1,400,000 (200,0001 At 5 April 2024 1,200,000 Investment Pfoperty compri885 properties in High Street. Kettering. The fair value of the investment propety has been arrived al on the basis of a valuation carried out on 27 June 2023 by Berrys Chartered Surveyors 8nd Valuers, who are nol connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction pric6s for similar properties. Legal title to the property is in the name of the Trustee, KOGSF Trust88 Limited. 15 Flxed a88Ot Inve8tments Listsd Investments Cost or valuatlon At 8 April 2023 Addition8 Valuation changes Disposals 3,237,241 306,135 210,729 1335,085} At S April 2024 3,419,020 Carrylng amount At 5 April 2024 3,419,020 At 5 April 2023 3,237,241 16 Stocks 2024 2023 Finished goods and goods for resale 3,028 1,931 21
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 17 Debtors 2024 2023 Amounts falling due within one yoar: other debtors Prepayments and accrued income 27,139 4,034 22,823 3,758 31.173 26.581 18 Croditorn: amounts falllng due wlthln one year 2024 2023 Nots8 Other taxation and social security Deferrèd income Other creditors Accruals and deferred income 4,192 41,018 15,153 6,900 3,906 39,660 12,867 6,700 19 67,263 63,133 19 Deferred In¢omo 2024 2023 Arlsing from Govilon income 41,018 39,660 Deferred income is included in the financial statements as follows.. 2024 2023 Current liabililiè$ 41,018 39,860 41.018 39,660 -22-
KETTERING OLD GRAMMAR SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 20 Analysis of net assets between funds Unrestrfctsd Pernianent endowment 2024 Total Total 2024 2024 2023 Fund balances at 5 April 2024 ar8 represented by.. Tangible assets Investment properties Investments Current assetsl(liabililies) 563,113 563,113 1.200,000 3,419,020 113.013 508,404 1,400,000 3,237,241 121,539 1,200,000 1,684,659 1,734.361 67,118 45.895 2.314,890 2.980.256 5.295.146 5,267.184 21 Operatlng lea88 commlknonts At the reporting end date the Foundation had oulstanding commitments for future minimum18as8 payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within one year 1,572 22 Relatsd party transactlons No guarantees have been given or received. There have been no transactions with related parties during the year. 23-