tLGS Reigate Grammar School Trust Financial Statements for the year ended 31 August 2023 together with Trustee's and Auditors, reports Registered Charlty No. 312030
Reigate Grammar School Trust Legal and Administrative Informatlon Address: Relgate Grammar School Reigate Road Reigate Surrey RH2 OQS Bankers: Barclays Bank PIC Level 12, 1 Churchill Place London E14 5HP Audltors: Haysmaclntyre LLP Registered Audltors 10 Queen Street Place London EC4R 1AG Solicltors: Goodyear Blackie Herrington LLP Oak House Tanshire Park Shackleford Road Elstead Surrey GU8 6LB Corporate Trustee Relgate Grammar School The Governors of Relgate Grammar School are as follows: Mr Mark Elsey Ichairl Mr Matthew Adshead (appointed 7 November 2022} Dr Shrilla Banerjee Mr Marc Benton Mr5 Mary Braughler-Edmunds Mr Colin Cobain Mr David Cole Ireslgned 7 November 20221 Mr Brian Day Mr Christopher Dixon Mr Luke Herbert Mrs Maxine Hulme Mrs Lisa Page Mrs Margaret Shlpley laptx)inted 25 July 2023 Mr Nicholas Weber Mr Ethard Wheeler
Reigate Grammar School Trust Trustee's Report for the year ended 31 August 2023 The Trustee 15 pleased to present its report together with the financial statements of the Charity for the year ended 31 August 2023. Legal and admlnlstratlve information set out on page I forms part of thls report. The flnanclal statements comply wlth current statutory qUireMents, FRS102 the Financial Reporting Standard opplicoble In the UK and Irelond and the Statement of RecOmmerd Practice Accountlng and reporting by chorlties ISORP IFRS10212nd Edition. Structure. Governance and Management: The Charity was constituted by a Scheme sealed on 27 July 1976, when Reigate Grammar School reverted to In(tependent status. The Scheme wa5 amended on 31 May 1994 as a consequence of the Governors, decision that the School should become a fully co-educatlonal school by the start of the 199711998 academlc year. On 21 July 2011 a further scheme was adopted in order to enable the Trust to hold property previously held by the Godfrey Searle Choir Trust Icharity No: 3051021. Object of the Trust: At 31 August 2023 the Charfty held certain property on trust in accordance with the scheme approved by the Charity Commission. In addition, donations for the specific purpose of financing future awards and prizes were held in restricted funds. The Trustee has had regard to the Chadty Commlsslon's 8uldance on public benefit. Trustee's Selectlon of Authorised Representatives: The Trustee, Reigate Grammar School, aims to achieve a wide spread of knowledge and experlence through its aLJthorised representatives so as to fulfil its statutory obligatlons and determine the aims and overall conduct of the Trust. All authorised representative5 are Governors of Reigate Grammar School. Revlew of Actlvltle$: The assets of the Trust are as follow5: 1. Land held under tltle number SY612426 - this is the playground and the oldest premises used by the School and the Art and Technology Centre. This property is a permanent endowment and is held on trust in accordance with the scheme approved by the Charity Commission. 2. The land and buildings donated by the Godfrey Searle Choir Trust. On 1 November 2011 the transfer of land into the trust previously held by The Godfrey Searle Choir Trust Icharity No: 3051021 under title number SY322956 was formally completed. At the same time the responsibility for managing and maintaining the Godfrey Searle Choir was transferred from The Godfrey Searle Choir Trust to the School. 3. Investrnents are held under the following trusts: The Gooda Prize Fund., The Frank Gill Memorial Prize. The Paul Bewshea Memorial Scholarship Fund. The Muir Prize for Business Studies., The Karel Kornell Prize for Economics. Sidney Vincent John Ethards Prize.
Relgate Grammar School Trust Trustee's Report for the year ended 31 August 2023 The Christopher Goddin Prize., The Charles Hart Memorial Fund. The S Arbury Prize for Physics. The S Arbury Prize for Cricket; The Ralph Sage Memorial Prizes. The Martln Exhibitions,. The Wolfson Foundation Bursaries Fund,. and The Assisted Place5 Fund. Financial Results: The net assets of the Trust as at 31 August 2023 were £2,300,674 12022: £2,268,396). Fixed assets total £1,314,452 I2022= £1,325,918) of the value of net assets. whlch is freehold land and buildings at Relgate St Mary's. There was one maln Income stream from the Trust during the period. This income arises from interest payable by Reigate Grammar School on the loan the Trust has made to this group entity of £800,LKIO. Interest receiyable in respect of this loan was £48,258 in the year to 31 August 2023 12022: £23,072) Isee note 8 for further detai151. The Trustee con5ider5 the re5uIt5 to be satisfactory. Investment Pollcy: The Trust's financial assets are very small In relatlon to the overall resources of Relgate Grammar School. A low risk strategy is followed with the majority of cash and investments being held on deposit. The Trustee5 have entered into a Loan Agreement wlth RGS, whereby £81X1,0 of cash has been lent to RGS, with interest being pald to the Relgate Grammar Sch1 Trust at a rate of 2% above base rate per annum. Reserves: The Trustee adopts a prudent and cautious approach in managing the property and financial resource5 of the Trust. The Trust's focus is to maintain the land arid building5 donated by the Godfrey Searle Choir Trust In 2011 and to utlllse the funds to the benefit of pupils at Reigate Gramfflar SchoK)l. The Trust malntalns three Restricted Fund5, the net assets of which amounted to £2,300,674 at 31 August 2023 12022.. £2,268,396). The largest fund is the Godfrey Searle Property fund, which holds the f reetx)Id land and bulldings at Reigate St Mary'5 has net assets of £2,258,165 a5 at 31 August 2023 12022: E2,222,2331. The Paul Bewshea fund within the TrLJSt has funded three £1,0(X) Paul Bew5hea Scholarships at the school for the academic year 202212023. These scholarships totalled c3,0 for the period. Given that the restricted fund5 are being used to fund these scholarships, the balance held in the Paul Bewshea Fund is likely to reduce to nil over time. At 31 August 2023 the Paul Bewshea fund had net assets of £29,819 12022: £33,1441.The Foundation and Charity Funds hold fund5 for other awards and has net assets of £12,690 as at 31 August 202312022: £13,019).
Reigate Grammar School Trust Trustee's Report for the year ended 31 August 2023 Rlsk Management: The Trustee ha5 considered the major risks affectlng the Trust, and have implemented appropriate system5 and controls. The Governors of Reigate Grammar School, as corporate trustee, are continuing to actively monitor the changing operational landscape and impact on assets and related Income held In the Trust. Grant Makln8 Pollcle5". The Trust made grants, awards and prizes during the period totalling £3,LKK)12022.. £3,(KJOI. Statement of Trustee's Responslbllltles The Trustee is re5pon5ible for preparing the Trustee's Report and the finanoal statements in accOrdae with applicable law and United Kingdom Generally Accepted Accounting Practice I'UK GAAP'I. The law applicable to charities in England & Wales requres the Trustee to prepa financial staten*nts for each financial year which give a true and fair view of the state of affairs of the charity and of the incomlng resources and application of resoLJrces of the charity for that period. In preparing these financial statements, the Trustee is required to.. Select suitable accoundng pollcies and then apply them consistently,. Observe the methods and prinaples in the Charities SORP,. Make judgements and estimates that are reasonable and prudent. State whether applicable accounting 5tandard5 have been followed, subject to any material departures di5c105ed and explained in the flnanclal statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 11 continue in business. The Trustee is responsible for keeping proper accounting records that di5c105e with reasonable accuracy at any one time the financial position of the charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011, the Charity (Accounts arTrd Reports) Regulations 2008 and the prowslons of the trust deed. They are also re5pon5ible for safeguarding the assets of the charity and hence for taklng asonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustee and slgned on its behalf on 11 March 2024 Mark Elsey (Chair. Reigate Gramrnar School)
Independent auditors, report to the trustee of Reigate Grammar School Trust Oplnlon We have audi financial 51atement5 of Reigate GraThr Trust for the year ended 31 August 2023 which comprise the Statennt of Financial Activities, the Balance Sheet, and notes to the financial staterrent5, including a sumrnary of Significant accoLmting policies. The fInala1 PortIng frameworf( that has teen applied in their weparaii¢M Is applicable law and United Klngdom Accountlng SLandards, IrKluding Financial Rewrtlng Standard 102 The Ftnonclol Rewytlns Stan(tsrd opplicoble in the UK and Republic o[ 1relaF Iunited Kingdorn Generally Accepted AccounLing Pract11. In our opinlon, the flnandal StatenntS. give a true and fair view of the state of the charity's affa7rs as at 31 August 2023 and of the net movenEnt in funds, including the income and expenditure, fu the year then ended,. have been properly prepared in accordantr wiLh United Kingdorn Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirernents of the Charitie5 Act 2011. Basls for oplnlon We have tten appointsd as audltor under section 144 of ChariLie5 Att 2011 and rewt in aCcOrdae th the ACL and evant gulations made or ha8 effect thereunder. We cldUcted our audit Tn accordance th International sndards on Auditing IUKI IISA5 IUKII and arplicable Law. Our responsibilities under those standards are further described in the Au(litor'5 re5w>nsibilities for audit of the finanoal staterrents Secti of our report. We are Independent of the charity in accordance with the ethical requlrements that are relevant to Ir all of the flnancial staterrEnts In ihe UK, Includin8 the FRC'S Ethlcal Standard, and we have fulfiued our otr ethical res[x)nb]ITtieS in accortjance with these quiremenis. We belTeve that the aLxSit eVIdee we have obtained is sufficlent and appropriate to provide a basis for Jr opinion. Concluslons relatlng to golng concern In auditing the financial stateTrEnts, we have ccmcluded that the Trustee's use of the golng cotKem basls of acntsn9 In preparation of the financial statemenis is approwate. Based on the wuk we have perf(xrned, we have not identifEd any rnaterial uertaInl7e5 relating events or Colt70n5 that, individually or coliectiveLy may cast signlficant d¢)ubt ¢)n the tharity's ability to Contin as a going concern for a peri(xl of al least twelve thS frcffi WTh the finarKial statennts are authorised for issue. Our respon5ibilitie5 and the respOnb61lties of the Trustee wih respect to goTng concem are described in the relevant sections of this report. Oth0r inform&tion The Trustee is respx)n5ible for the other information. The other Information cornprise5 the infrnation included in tke Trustee's Rewrt. (hjr opinion on the financial statements does not cover the other infomiation and, eXpt to the extent otherwse explicitly stated in our rep)rt, we do wt express any form of a$surae conduslon the. In connection with wr aL1t of the financial statettEnts, our $biLity is a the oihey information and, in doing so, cOlder whether the other Infomatlon is materially inconsistent with the finanaal stateftknts or our knowledge ¢Jbtalned In the audlL or othervrise apkEar5 to be materially rni55tated. If we identify such rnaterial TrrKon515tencies or apparenL material rn155tateNtS, we are required to detemiire whethe¥ there is a material rni5ststenEnt in the financial statements or a rnaterial rnisstatenEnt of other information. If, based on work we have Ferforrred, we conclude that there 15 3 rnaterial m155tatennt of thls other fnfonnaiion, we are requlred w rep)ri that fact. We have nothlng to report in this regard. Matters on whlch we are r•qulred to rèport by èxcèptknn We have nothing to rewrt in respect of the following fflatters in relation to which the Charitie5 Ikcounls and Reports) Regulatiorts 2008 qUiTe5 U5 Lo report to y(xJ if, in our opinion- a<tyuate aCclnting records have not been kept by the charftyj or sufficient accwnt5ng records have rK)t LEen kept,. or tl cN2rity financial statenEnt5 are rot in agreerrtnt with the accounting records and return5,' or * have not received all tIE information and exdanation5 we rwmre f cKJr audit. Responsibiliii•5 of Trustee for the flnandal statements s explained rrK)re fully In the staterrn¢ of Trustee's ReSnSIbIlItIeS set out on page 4, the Trustee Is re5pon51ble for the PparatiOn of the fina[la[ statements and for being satisfied that they gTve a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparatlon of flnandal statents that are fe from material mi55taterllent, whether due to fraud or error.
Independent audTtors' report to the trustee of Reigate Grammar School Trust In Epan9 the financial staternents, Trustee 15 respOble for assessing the charity's ability to continue as a golrfg COnm, dlsdoslng, as applicable, rnatters related Lo going concern and using ihe going concern basis of accounting unless the Trustee either Innd ¢0 liquidate the charity or to cease 0SETations, or have all$tI( alternative twt to (k> 50. Audltors, resnSIbilitIeS for the audlt of the finala1 statements Our objectives are to obtain reaable a55wance atx)ut whether the financial staterrEnts a5 a whole are free from materfal $stateDnt, whetr to fraud error, and to Issue an auditor's report that include5 our opinlon. Reasonable assurance is a high level of assurance, trAJt is rK)t a guarantee that an audit conducted in accudance ISAS IUKI will alway5 detect a material mlsstaternent when it exi5t5. Misstaternents can arise from fraud or error and are considered material if, indiwdually or in the aggregate, they could reasonably expected to influence the economic ¢Jedslons of users taken on basis of the finanthal statements. Irregularities, includfi fraud, are Instae5 of non-cornpliance wlh laws and regulations. We isign prKedwe5 in line th our responsibilities, ouillned atove, to detect rnaterial mi55tatetrEnt5 in SpeCt of irregularflles, irKludir8 fraud. The extent to which our procedures are capable of detecting irregularities, inclu<ling fraud 15 detaTled below: Based on our understanding of the charity arKJ the enVironffnt in which it operate, we identified that th2 printspal rfsks of non<ompiiance with laws and regulations related to Chariiy Law and we considered the extent to which non- c(xTplian tnight have a nterial effect on financial Statements. We also consldered those laws and regulations that have a direct irnpact on tIE preparation of the flnancial staterrEnts such as the Charitie5 Act 2011 and the Stater(Ent of Recommended practi f( Charities1SORP 20191. We evaluated mana8errnt'5 incentives and opKyxtunitfes for fraudulent nNinlpulatlon of the finanaal stateThn lirKluding the risk of override of contro151, and deterrnined thal Lhe principal rf5 were related to W5ting inappropriate joumal entrie5 and management "aS in rtaIn accounting e5titnate5 a[ JgeffEnts. Audlt pr((edures perforrrEd by tl erqagerrEnt team included.. Irfjpecting correspondence wth gulatorS and tax authortties. "SCU5SICm5 Wlth rnanagement Includi consideration of knrmn or suspected inStare5 of rX)n-Crylian wlth law and regulation and fraud., Evaluatlng Managenn¢,5 contrds designed to prevent and det Irwularities,. Identity'ng and tesiins iournals, in particular journal entrie5 Posted with STgnificant val$,. and ChallengirY4 assumptions and ludgewEnts rnade ty rnanagent in thr acc(yJnting estInNi5 and challenge of the underIng asyjrnptions. Because of inherent Limitation5 of an audit, Ihere fs a dsk that will not detect all irrewlariLies, inclL¥Jlng those leading w a maierial rnisstaternent in tIE financial stateftnts or non-compliance with regulation. This risk increa5e5 Lhe ¥Jre that compllance with a law or regLJlation 15 rened from the events and transactions reflected in the financial staternent5, as we wll be less likely to bec aware of in5tarKes of non-complian. The risk is a150 greater regarding irregularitie5 (Lcurring the w fraud rather than error, as ffaud invdves inLentional concealrnent, fgery, collusion, omission or rni5repre5enLat1c. A fUrtr dexription of (xjr responsibilitles for the autht of the fInala1 statements 15 Located on Flnanclal ReFM)rting cou$1,$ web51te at: wwM'.frc.or uklaudilorsir nsibililies. This deptIon forms part of our auditor's report. Use of our report Tth'5 report 15 rnade lIe[Y to the chamty's trustee, a5 a bo(ty, in accordarte with section 144 of ihe Chartties Act 2011 and regulations made under 5ecLion 154 of that Act. Our audit wixk has LEen undertaken so that we mlght state to the charitrfs trustee those matter5 we a qUfjred io $te to thern in an Auditorf5 report and for no other wrpose. To the fullest extent permitted by (aw, we do rnt atpt or assume resFM)nybility to anY£e other than the charity's trustee as a bY for r audit work, for this report, or for the (pinions we have formed. LLR Haysmadntyre LLP, Statutory Audlto 10 Queen street Place London EC4R 1AG 7 May2024 Haysmathntyre LLP Is ellslble to act as an alItOr in ter of section 1212 of the C(*npanles Act 2(KJ6
Reigate Grammar School Trust Statement of Financial Activities for the year ended 31 August 2023 RESTRICTED 2022 Notes 2023 INCOME Investment Income - Property Inyestment Income - Interest 325 48,382 338 23,186 48,707 23,524 EXPENDrruRE ON: Charitable actiwty.. Grants, award5 and prizes Property C05t5 Auditors, Remuneration {3,1)001 111,5011 1,8001 13,0001 112,3071 11,2LK)I TOTAL EXPENDITURE 116,3011 (16,5071 NET INCOME BEFORE INVESTMENT LOSSES 32,406 7,017 Unrealised investment Ilossesl 1128} 1851 NET INCOME 32,278 6,932 Balance brought forward 2,268,396 2,261,464 Balance carried foTh4ard E2,300,674 £2,268,396 No summary income and expenditure account has been prepared because thi5 information is clearly identlfled in the above Statement.
Reigate Grammar School Trust Balance Sheet as at 31 August 2023 2023 2022 Notes TANGIBLE FIXED ASSETS Land and Building5 Investments 1,314,452 2,159 1,325,918 2,287 £1,316.611 £1,328.205 CURRENT ASSETS Debtors Cash at bank and in hand 800,015 185,173 800,045 141.414 985,188 941,459 CREDITORS.. due within one year 11,1251 11,2681 NET CURRENT ASSETS 984,063 940,191 Nrr ASSErs £2,300,674 £2,268,396 Represented by- RESTRICTED FUNDS £2,3(Xl,674 £2,268,396 Approved and authorised forlssue by the TrStee on 11 March 2024 Mark Elsey. Representatlve of the Trustee The accompanying notes are an integral part of this balance sheet.
Reigate Grammar School Trust Notes to the Financial Statements for the year ended 31 August 2023 ACCOUNTING POLICIES a. Statement of compllance The financial Statements are prepared under the historical cost convention as modified to include the revaluation of Investments. The fomiat of the financial statements ha5 been presented to comply with the Chadtles Act 2011, FRS102 The FinonciGI Reporting Standard applicrjble in the UK and Ireland and the Statement of Recornmended Practice Accounting and Reportins by Chjrltles (Second Edition, effective 1 January 20191. The Charity is a Public Benefit Entity as defined by FRS102. b. General Informatlon The Charity is a charlty registered in England and Wales (charity number.. 3120301. The Charity'5 registered offlce add$$ 15.. Reigate Grammar school, Reigate Road, Reigate, Surrey> RH2 OQS. c. Basls of Accountlng The financial statements have been prepared under the Charlties Act 2011 on the hlstorical cost convention as modified by the valuation of investments, whlch is conslstent wlth the prlor year. d. Disclosure exemptions The Charity ha5 taken advantage of the exemptlons whlch are available to subsidlary undertaking5, In accordance with sectlon 1.12 of FRS102, from presenting a statement of cash flows and disclosures relatlng to flnanclal Instruments. e.. Going concern The Trustee conslders that there are no material uncertainties which would cast doubt on the Charity's abillty to continue as a going concem. f. Sl8nlflcant Judgments and sources of e5tlmatlon uncertalnty The preparation of financial Statements in compliance wth FRS 102 require5 the use of certain crftical accounting e5timate5. It also requires management to exercise judgment in applying the Charlty's accounting policies. The key judgement that has been applied by management relates to the useful economic life of tangible fixed a5set5. The following principal accounting policies have been applled: g. Income All income 15 recogni5ed when the crfterla of entltlement, measurement and probablllty of receipt have been Satisfied. Rent receivable is recognlsed in the period to which it relates. Investment income, Incluélng Interest receivable, and other miscellaneous income are accounted lor on a receivable basls. h. Expendlture Expend1ture Is recognised as soon a5 the related liability is incurred and has been classified under headings that aggregate all cost5 relating to that category. Liabilitie5 are recognised as soon as there Is a legal or constructive obligation committing the Charity to the expenditure. Grant makln8 policy Grants are recognised a5 expend?ture in the academic year to which the award relates.
Reigate Grammar School Trust Notes to the Financial Statements for the year ended 31 August 2023 ACCOUNTING POLICIES {contlnuedl Tangible Fixed Assets and Depreciation Tangible fixed assets are initially recognised at cost. Depreciation Is provided on fixed a55ets to write off their cost le$5 estimated resldual value over their estimated useful economic life by equal annual instaiments as follows: Freehold buildings 20 to 50 years The carrying values of tangible fixed assets a reviewed for impairment in accordan th the requirement5 of FRS102. k. Investments Listed investments held for the long-term to generate income or capital growth are carried at fair value as flxed assets. Realised gains are the difference between sales proceeds and the carrying Yalue of the investment. The carrylng value is the fair value at the beginning of the year or the purchase cost where the Investment was acquired durlng the year. Unrealised gains are the change in value of inyestments after taking into account any movements In investment holdings such as purchase5 and disposals of investments. Realised and unrealised gains are accounted for within the Statement of Financial Activities. Flnanclal Instruments Basic financial instruments transaction5 that result in the recognition of financial assets and liabilities such trade and other accounts receivable and payable are accounted for on the following basis: Debtors ond credltors Debtors and credltors are measured at the transactlon price less any prO$10n for Impalrment. Any losses arfising from impairment are recognised as expendlture. Funds Restrlcted Income funds comprlse unexpenéed balances of donatlons and grants held In trust to be applied for speclflc purposes. io
Reigate Gramrnar School Trust Notes to the Financial Statements for the year ended 31 August 2023 2. INVESTMENT INCOME 2023 2022 Interest £48,382 £23,186 Interest of £48,25812022.' £23,072) has been paid by Reiqate Gramrnar School to the Trust In respect of the year to 31 August 2023 In SpeCt of the loan of £8CM),CKIO. There is also bank interest which has been received of £124 12022.. £1141. 3. STAFF COSTS The Trust has no ernployee5. No persons connected wth the Trust* recelved any remuneration or other benefits from the Trust. 4. LAND AND BUILDINGS Freehold Land and BLrildings C05t At 31 August 2022 and 31 August 2023 1,450,135 Depreclatlon At 31 August 2022 Charge for the peTiod At 31 Au8USt 2023 (124,2171 111,4661 1135,6831 Net Book Value At 31 Au8USt 2023 £1,314,452 At 31 August 2022 £1,325,918 5. INVESTMENTS 2023 2022 Market value brought forward Unrealised investment1105sesl 2,287 11281 2,372 {851 Market value carried forward £2,159 £2,287 Historical c05t a5 at 31 August 2023 £3,794 £3,794
Reigate Grammar School Trust Notes to the Financial Statements for the year ended 31 August 2023 DEBTORS 2023 2022 Trade debtor Intercompany debtor - loan to Reigate Gramrnar sc?0[ 45 8(M),000 8LKJ,(X)O £800,015 £81XJ,045 The Loan is repayable at any time on demand by the Trust, and the Trust may at any tlme, by notice to the School, cancel its commitment to advance the Loan or any part of it. The maxlmum amount to be lent to Refjgate Grammar School Is £1,1XJo,0. CREDITORS 2023 2022 Other credltors and accruals 1,125 1,268 £1,125 £1,268 RELATED PARTIES The Trust owns the freehold of the land held under title number SY612426 - thls Is the playground and the oldest prem1ses used by Reigate Grammar School and the Art and Technology Centre. It should be noted that the charitable company holds the property on trust in accordance wlth the scheme approved by the Charity Commissions related to the transfer of Reigate Grammar School. Thi5 is because the land 55 a pemianent endowment. The Trust has prowded Reigate Grammar School wth a loan of £800,OCX). Interest of £48,25812022: £23,072) has been pald by Relgate Grammar School to the Trust in respect of the year to 31 August 2023. During the year 202212023, three Paul Bewshea awards of E1,000 each were made totalling £3,OfXI I202112022- £3,OLK)I to pupils at Reigate Grammar School. There are no other related party transactions. 12
Reigate Grammar School Trust Notes to the Financial Statements for the year ended 31 August 2023 RESTRICTED FUNDS Balance at 1 September 2022 Income Expendlture Investment (Lossesll Galns Balance at 31 August 2023 Paul Bew5hea Fund Foundation and Charlty Fund5 Godfrey Searle Property 33,144 13,3251 29,819 13,019 2,222,233 124 48,583 13251 112,6511 11281 12,690 2,258,165 £2,268,396 £48,707 1£16,301 1£128 £2,3(XJ,674 Balance at 1 September 2021 Income Expenditure Investment Gainsl (Losses) Balance at 31 August 2022 PaLJI Bew5hea Fund Foundation and Charity Funds Godfrey Searle Property 36,444 33,144 13,290 2,211,730 114 23,410 13001 112.9071 1851 13,019 2,222,233 £2,261,464 £23,524 1£16.5071 (£851 £2,268,396 The Paul Bew5hea Fund was set up to provlde financial assistance to any pupil awarded The Paul Bewshea Memorial Scholarship. In order to be eligible for thi5 scholarship the pupil concemed must have achieved excellent academic results and have also shown an interest in aviation or science as a career. During the year 202212023. three Paul Bewshea awards of £1,OLX) each were made totalling £3,0(X)1202112022: E3,CM)01. The Foundation and Charlty Funds were Set up to prowde for the c05t of awarding> as appropriate, on an annual basis the other priles and awards noted on page5 2 and 3. The Godfrey Searle Property Fund was created by the donation of land and buildings by the Godfrey Searle Cholr Trust. On 1 Novernber 2011 the transfer of land previously held by The Godfrey Searle Choir Trust Icharity No.. 3051021 under title numbers SY313629 and SY322956 wa5 formally completed. At the same time, the responsibility for managing and maintaining the GOdfY Searle Choir was transferred from The Godfrey Searle Choir Trust to the khool. The transfer of the land to the Trust, rather than to the School. ref lected that the land, in part, is subject to permanent endowment. The costs of malntalnlng the properties are trKfyrne by the fund and income arlslng accrues to the fund. 13