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 6￿uld
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 esta￿lSh 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 A￿epted 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 AC￿pted 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 fina￿la1 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 ne￿SSary 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 be￿een 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 be￿een
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-