PARMITER'S SCHOOL FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020 (Charity Registered Number.. 312704)
Parmiter's School Foundation Contents Year ended 31st August 2020 Pago Legal and A(Imlni8tr8tlvg Detalls Truste88' Report Audltots, Report statement of Flnandal Actlvltie8 10 Chadty Bal8n¢e Sheet 11 Not88 to the Accounts 12-19
Parmiterfs School Foundation Legal and Administrative Detsils Parmilerfs School Foundation is a registered charity (312704). 11 is govemed by the scheme of the Charlty Commlssion {1991) as amended by the Scheme (2002) and thè Trustee Resolution (2010). Trusleg5 Tho Trustees of the charftable comp8ny arè: Mrs J Glossop (Chairman) Mr M F Hammond IVlce-Ch8irman) Mrs M Klngston Mr A Mehmet Df J Newman Mr C Partridge Mr D K Robertson Mrm Weism8n Mr A O'Bnen Advlsors Clert( to the Trustees Mrs H. Ckrk Audtors Moore Klngston Smlth LLP 4 Victorla Squafe Sl Albans Hortfordshire AL13TF Bankers 88rclays Bank pl¢. Wattord Hertfordshlre WD17 2BT Investment M8n8gers UBS AG 3 Finsbury Avenue LoThJon EC2M 24N Page 1
PARMITER'S SCHOOL FOUNDATION YEAR ENDED 31 AUGUST 2020 REPORT OF THE TRUSTEES For the year ended 31 August 2020 Tho Tru5teos present their Rep)rt together wlth the Financial Statements of the Foundation for Ihe 12-month perfod ended 31 August 2020. The Financlal Stat8ments have been prepared in accordance vAth the accounts'ng policies set out on P*ue3 1 ?. A nd 13 and compty with the Found8tion's Trust Deed and applicable law. BOARD OF TRUSTEES Thè Trustees who seNed durfng the perlLMI are: Mr8 J Glo¥sop (Chairman) Mr M F H¥rnmond (Vice-chalrman) Mrs M Kingston Mr A Mehmel Dr J Newman Mr A O'Brlen Mr C Partrldge Mr D K Robertson Mr Mwelsman CONSTITUTION, OBJECTS AND POLICIE8 The Foundation, whKh wa8 constttuted by Tru8t Deed In 1913 and amended In 1991 and 2002.18 Registered Ch8rlty- Number 312704. Changgs to the Con8tltution have been agroed wllh the Charity CommiBSion In January 2009 without the need for an amending Scheme. The Charlty Commlsslon has pgrmltted the Trustees to adopt a Mgmorandum of Changes ty resolutlon after which the appioved documonl becomes the goveming document ofthe Charity. There 18 a Truste& r¢$olutlon d8ted S No¥8mber 2010. OBJECT, OBJECTIVE8, PUBUC BENEFIT The obl8cts of the Foundatlon aro to promote educatlon $nd provlde flnancial support to Pamiller'8 School and Its puls. The polides of the Foundation COV8T the development and enhancement of the Parnlter'5 school sile In addllion lo Ihe rendering of fingnclal assistancg to thè school and the granting of bur¥arie5 to current and former pup1. Request for buisaries are made in writlng to the Foundallon and consideration is oiven aOrdInglY by the Trustees. The Foundatiorb has a ¢ommitment to ensure that the sch¢Jol buikllngs and grounds are Ilt for the purpose of operalng a school. The Trustees have given due ¢ofisider8tlon to Charity Commlsslon guidance on the operallon of the Publlc B•nefit rpqulroment and idenlify that Benefit occuts in the carrylro out of the Foundelion's oty'8dbve8. Page 2
PARMITER'S SCHOOL FOUNDATION YEAR ENDED 31 AUGUST 2020 REVIEW OF THE YEAR The Foundation Trust888 apwoved a grant of £9,575 toward5 school tran5POrt and school educational visits for parents on low Iorne who appli for asslstsnce. Th8 Foundation contributed £9,950 towards the cost of a whole school project- Google Education. A grant for £17,113 was approved to cover th8 Cost of the annual School Racrullment E8) suL%cripllon. The Foundation also transferred £64.000 of pafentsl contributions to the school as these funds weie donated to help with the day to day running of the school to halp maintaln th6 school's excellent standards and enh8nce the student provision. COVID-19 IMPACT In March 2020 the impact of Covid 19 was dramatic and the value of the portlolio fell by almost £1,000,000. Fortunately. this was short Ilvod and by the of Aprti the portfolKs was almost back to its pre-¢oved value.11 has conlinugd lo perform well slnce this period. TRU8TEE8 STRUCTURE, GOVERNANCE AND MANAGEMENT The dayto day adminlstrallon of th8 Found8tlon is undertaken by the Clerk. supported by the Flnance Manager of the Academy, and in 8$sociallon th the Trustees who attend trainlng sesslons oiganisod by UBS WeaRh M8nggemenl (UK) Mited ("UBS'). Trolnlng sesslons have en mada avallabl¢ by UBS to all the Truste88 over pe0d of time. As deflned In the Chartty Scheme of 29 ApAI 1991, each Trustee b opp)inted for a temi of four year8. Thore has been no change In Trustees, appointments during the 12-monlh riod. The Trustees have mèt on 5 occasion5 to 8gree broad strategy ar areas of rfsk and actiwty, principally ¢ovgring Investmonts 8nd Freehold Land & Bulldings. Due to Covid reslrfctions, 3 of these meetings wefe held virtually through "Google Meet.. Trustees aio appolnled by recommendation and appointments have to bo agreed by all exlstlng Trustees. Now Trustees are inducted through intern81 lialnlng. The Key Management Personnel lor thè Foundation Consists of a m8mber of the AGademy 8mployed solely lo manag8 the Foundalion accounts and the remuneration is set ond p8ld for by the Academy. The Foundation and the Acadgmy have a Servic8 Level Agreement lo agree t appropriate r8muneration lo be paid to the Acaderny from the Foundation for this member. REMUNERATION POUCY R8muneratlon for all Key Personnel involved in the runnSng of the Foundation opgraliong is covered in a Sepil Level Agr8emgnt between the Foundation and the Academy. The agreemant is reviewed on an annu81 basi8 as the Key Petsonnel ale PaKI In accordance with the Academy'8 Pay Policy. INVESTMENTS The m8ndale whlch has been giv9n by the Foundallon to UBS is for a lorpJ-term dlscretionary p)rtfollo with mlxture of c81i'lal growth and income. The overall risk profile for our total portfolio Is 'moderate." The Trustees have been happy ovefall with the increases mBde to the FrtfO over the prevlous 12 month¥. The objectives remain to promote educatlon and provide supwt to th9 school and students. The Trustees have re¥1med, agreed and accepted UBS Investment strat8gy and transactions at each of their 2 Mgetings during whlch a tten Inveslmont and ¥ethl Report has been presented by UBS. Det8il of funds under management as shown in Note 8, Page 16 of the Financial Statements highlghts a decrease In portfollo value of £164,996 during the 12-rnonth period. Pag8 3
PARMITER'S SCHOOL FOUNDATION YEAR ENDED 31 AUGUST 2020 FREEHOLD LAND & BUILDINGS Th¢ Freehokl Land & Buikling5 owned by ParTDiter's School Foundation are leased to Pannitets School under the Terms of a fomal Lease Agreement dated 30 June 2011 signed off for and on behalf of the Secretary of stste for Educatlon, the Foundation and the School {Academy). Underthe terms of the LeaseAgr&8mont, Pamiitetrs School has the financial obwionto maintain the bulkllngs owned by the Found8tion fof the purpose of education. The Trustee5 have carrled out an Impairment RevSew and believe the v¥lu*J of the bulldings are corrgctty referenced In the accounts. No provlslon for depredation has beon charged on Freehold buikjings FINANCIAL REVIEW, ACTIVITIES AND ACHIEVEPIIENTS The finandal activlty for the 12-month perfod Is shown In the Statement of Finandal Actlvltle8 on Page 9. 201912020 201812019 201712018 201612017 12 months 12 months 12 months 12 months £187 650 £173 100 £180 311 £174.652 £191,874 £538.647 £12 998 £18 744 £358.336 (£161,494) £212,368 £456.965 Income Ex 8ndilure Nel ex ondilure Reallsod and unreallsgd galns on investments £191,721 £10 755 £26.453 d) Income rèsources are mad8 up of dlviderKI income recèfved on Inv85tmonts and from Covenant funds raceived from parent donations. The divldend in¢ome increased by £10,478 In 2019120 from thg wevious year's dlvidond income and Covenant funds do¢rea8ed by £3,587 from the previous ygar. Tho laryest exp&nd8d rosoufC8 In 2019120 was a donation to the Acadomy for £27,049 towards the Gost of Insl8lllng Google Educatlon and School recruitment. The remainder ot Ihe exp8ndlture was to help f¥iTiill8s on low incorne pay lor compu130ry school trips end transport on the school buses. Page 4
PARMITER'S SCHOOL FOUNDATION YEAR ENDED 31 AUGUST 2020 FUTURE DEVELOPMENT PLANS Future grants to the school may include.. 1. A contriblrtion of £200,000 lowards the buildirwj of a new Science Block. 8uildiThJ b8gaTr in May 2020. 2. A further contribution towards Google Educafjon whlch will benefrt both staff and students. 3. Support of the development of the Spots Centre, Pavilion and Fllness Suite - future years. A rev58w of Operational Procedures lo define and match Pamiiteffs School's (Academy) needs vAth available Foundation resources is ongoing due to the financlal pi¢$sures that the school is currentty faung. Th8 Implement81ion of th8 updated procedures Yéill enhance Tru51e6s' control over th• meeting of the Foundalion's charitable fundraising. RESERVES POLICY The tot81 fund8 for the year endod 31st August 2020 was £13,985,855. Thls was made up of a5 follows.. £4,190 Te8tricted funds - money resevved to help students taklng gap year's both within th8 community and aboard. There Is no 8xpected timescale for thi8 expendlture. £9,134,482- designated funds made up of Covenant {£334,482), land and bu1j1ng5 (£8,800,000) The balance of £4,847,1831s unr6slricted and hs the balance of the Inv88tm6nt portlollo as of 31st Augu8t 2020. R•strlctsd & Unreslrlcted Funds In the opinion of the Trustees the Foundation's 8886ts whl¢h aro 4ttribulable to Restricted and UnreStrfOd Funds are av8llable and adequate to meet IlatlItieS of those Fund8. Flnancl81 detall of those Fund8 18 shown in Notes 12 and 13. The Unre8trlcted Genaral Fund Is malnt8lned to cover ongolng expendituro whl¢h Is made up of student bursa6$, Trustee tr8inlng expendlture and Staff salarfes. In additlon, the chaiity retsin$ funds to ensure it can meet any unfore888n costs relating to the bulldlngs. Dlsclosuré of Infomiatlon to Auditors Each ofthe Trustees has ¢onflrmed that, Insofar 85 they are aware, there is no Information olwhich they are aware which18 relevant to the audit, but of which the auditors are unawar8. They h8ve further conflrmod Ihot they have taken approprlate Steps to Idenllfy such relant informatlon and lo eslabllsh that Ihe audllors are aware of 8u(* infoimation. This report was approved by Iha Trustses on Qo8nd slgned on their behalf by: MrsJGI ssop Ch8lrman ofthe Board of Trustees Pag8 5
PARMITER'S SCHOOL FOUNDATION YEAR ENDED 31 AUGUST 2020 STATEMENTS OF TRU8TEES' RESPONSIBILITIES The Ttee3 of Parmiter's School Foundatlon (Ihe Foundation are required under the Chaiiknas Act 2011 to prepar8 financial slalements for each financial period l year whiGh gNe a truo and fair view of the Foundation's finandal athilies during the pgriod l year and of its financi81 position at th8 end of the period l year. In prepariro llnanclal ststements giving a true and fair vi8W, the Trustees should follow best practlce and. 1. Select 5Uitabl8 a¢litIng polcies and apply th&m consistently 2. Make judgmer)ts and eslimates that ar& reasonable and prudent 3. StÈt6 wh&ther applicable accounting standards and staloments of recommended pr8Ctlc8 have een followed, 8ubjeLt to any departure disclosed and extdaSned In th8 financ481 slatemgnts 4. PTepare the finanaal statements on a golng conc8rn bg81s unless it is Inapproprfate to presume th8t the FoundaOn wlll contsnu8 in operation The Trustees are responslble for keeplng accounting records whlch disclose ¥th reasonable accuracy at any time the llnanc181 posltion of the Foundatlon and en8bl8 them to ensure the financial stat9mènt$ comFdy wllh the Charllles Act 2011. They ar8 also responsiblg for safeguarding tho as$ets of th8 Foundation and honce for laklng rea60nable slep6 for the prevention and detectbon ol Iraud and 0th8r irregulanlie8. Page 6
Independent Auditor's Report to the Trustees of Panniter's School Foundation Opinion We have audlted the finanaal ststements of Parmiter's School Foundation for th8 y8aT ended 31 August 2020 which comprise the Statement of Financial Aclivtties (Incorpofaling th8 Summary Income and Expenditure Account), the Balance Sheet and note$ lo the financial statements. induding a summary of signiflcant accounting pol.8. The financial reporiing framework that has been applied in thelr preparation is ap41Cab law and United Klngd¢)m Accounting Stalards, including FRS 102 'Thè Finanrial Reporting St8ndard Applicable in the UK and Ireland, (United Kingdom Generalty Accepted Accounting PraLIIc8). In our DnIOn the financial statsments: gN8 8 true and f8lr vlew of the $tslo of the chaTity's affairs as at 31 August 2020, of its Incoming resources and applicotion of resources, for th8 year then ended- have been property prepared in accordance %*llh Unitsd Kjngdom Generalty Accopl•Y Accounting Pradlce; and have been y6p8red in 8cGordance with the requlrements of the Ch8rlll•s Acl 2011. Th15 report is made 8018ty to the ¢harlty's trustees, as a boty, in accordance wlth Ch8ptef 3 of Part 8 of the Charllles Ad 2011. OUT audit work has been undertak6n so that we mlghl slate to the charlty's trustees those matters we are raqulred lo slate to them In an audltoi's report 8nd for no other purkh)$6. To the fulSt extent permltted by law, we do nol accept or 888ume reSponsi'ty to any paty other than the charlty and char$ Iru$t8è9 as a body, for our audlt work, for this report, or for the opinlon we hav8 fomied. Basis lor oplnlon We conducted our audit In accordance Intornatlonal Standard5 on AUdInglISAS{UK) and sppllcable law. Our responslbllltles under those slandards are further descrlbad In the Audor,3 Re8ponslblllU8s lor the Bud of fin8nLial slat8ments sectlon of our rep)rt. We are Independent of the ¢h•rlty In accordance with the 6thl¢al requlrements that are relevant to our audit of th8 flnanual statements in the UK. induding tha FRC s Ethic81 Standard. and wa have fulfilled our other ethical responsibilib'es in accordance with these requlrements. We belleva that tho audit •vldence wg have ob181nad Is $uffident ond appropriate to provlde basls for our opinion. Concluslons r8latlng to golng ¢onc•m We have nothlng lo report in resped of the following matter8 In relatbDn to whlch the ISAS (UK) requlre us to report to you where.. the Irustees, use of the golng conc6m basls of accounting In the preparatlon ofthe flnen¢lal Statements Is not appropriale,. or the truste88 have t dlsclosed in the financial statements any Identlfled maledal un¢8rtalnlles that may cast slgnlficant doubl about the charity's at41ity lo continue to adopt th& golng ¢oncem basis of accounting for a period of atlgast months Irom the date when the financial 8tatements are authorised for issue. Page 7
Independent Auditor's Report to the Trustees of Parniiter's School Foundation Other infomwtion The other information Gomprises the information included in the annual report, otherthan the finandal ststements and our audrtor's report thereon. The trustee5 are T85ponsible for the other information. Our opinion on the financial statement5 does not cover the other inlomiation and, excapt to the extent otherwise explicitty stated in our report, we do not express any form of assurance conduslon Ihereon. In connectlon wllh our audit of the ffinanclal statements, our reswnsifAlity is to road the other information and, in doing so, consider whether the otheT informatton18 materi811y inconslst8nt wtth Ihe financi81 statements or our knowledge obtained in the aijdlt or otheM5e appears lo ba matenally misstated. If we Idenllfy such m8terial incon5Btenei6s or apparent material misstatemènts, we are required to determin whether there Is 8 mater181 misstatoment In the financial statements or a material mi56tatemenl of the oth8r information.11, b8s8d on the work we have performed, we conclud8 that there is a malgrfal misstatement of this other infoThnation, w6 are required to rewrt that fact. We have nothing to report in this regard. Mattorn on which we are rnqulred to report by exc•ptlon We have nothlng to report In respect of the foll0Yng matt¢rs where tho Charities Act 2011 requlres to rep)rt to you If, In our oplnlon.. the Infomallon glven in tha Trtee6, Annual RerK)rt 18 incon$l8tonl In any material r08pect vAlh the flnancial stal8ments', or the charity has not kepl lequate accountlng rocords., or the financial st81ements are not In agroem8nl Yth the accountlng record8 and rolums,. or w6 have not recelvod all the Infomiatlon and exphnatlons wg requlred for our S111. Responsibilitlos of trustees A8 explalned more fully In the trust9es' lespon5111e8 Statement Set out on page 6, the trusteos ore responsible for the pr6p8ratlon of the financial statements ond for belng satisfled that they giv8 a true and falr viow, and for such internal wnlrol 88 the trustees determine is nèc8s58ry to en8e the preparation of financial slalements that are free from m8lerial mlsstatemant. whether due lo fr¥ or eTror. In preparing the finan¢lal 818tsments, the tTustee3 aro re3pornible for asgeg91ry the chaty 8 atAlity to ¢onlinue a8 a going concern, disclosing, as applicable, matters related lo going conGern and using the goirvJ concèrn b8s1s of accounting unles5 Ihe trustees dther Intend to liquidate the charity or to ¢8asè operations, or have no re811gJc attemative but to do so. Auditor's responglbilities forth• audlt of the financial statemgnts We hav6 b8en appointed as auditor under sectlon 144 of the Chariles Act 2011 and reptsrt In accordance with regulations made under section 154 of Ihal Ac*. Our objectives aro lo obtain reasonable 0ssuranc8 aLL)ut whether the financial statements 95 a whole 8re free from material mi&%talemènt. whether due to fraud or grror, and to Issue an auditor's report Ihat includes our oiinion. Reasonable asgurance is a high level of assurance, but 18 not a guarantee that an audit conducted in accordance wth ISAS (UK) VMII 8knays detect a material mlsstatement when it exists. Mi88tstements can artse ffom fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the basis oftheso financial ststements. Page 8
Independent Auditor's Report to the Trustees of Pamiiterfs School Foundation As part of an audit in accordance with ISA8 {UK) we exerclse Ffofessional judgement m8lntain professional sceptlasm throughout the audil. We also.. Identify aTrJ assess the risks of material misstatement of the financial statoments, whether du8 to fr8ud or errol, design aThJ perform audit procedures iesponsfve to those risks. and obtain audit evldence that is sufficient and appropriate to provlde a basis for our opinion. The risk of not detecting material misstatomont resulting from fraud is higher than for one resulting from error, as fraud may invofve collusion, forgery. intentional omi5sion5, misrepresentations, or th6 overd0 of internal control. Obtsin an understandlng of internal control relevant to the aLKlit in order to design audit procedures that are approwiale in the cirCUffnces, but not for the purw)ses of expresang an opinion on the effectN8n8ss of the ch8rfty'$ internal control. Evaluote the appropriateness of accounllng policies used and the reason8bl6ness of accounting estimates and related disclosur85 made by the trustees. Conclude on the appropri8teness of the trustees, use of tha golng con¢•rn basls of accounting and, based on the audit evldence obtained, whether o material urscertainty exists related to èvènts or condlllons that may cast significgnt doubt on thg charrty's abil to continue as a gcing con¢em. If we conclude that a mat8rl81 unc8rtainty exists, we are requlred to draw attenllon In our auditor's ieFQrt to the related dlsclosures In the financial statements or. If such dls¢lo$ures are Inadequate, to modify our oplnlon. Our ¢onclusions are based on the audlt 8vldence obtained up lo the date of out auditor'5 report. However, frjture events or condth'ons may Gaus8 the chanty to C8a6e to contlnue as a going concern. Evaluate the ovarall prè8entaUon, 8tWCre and content of th6 flnand81 slatomonts, includlng th8 dlsclosures. and whether the financial 5tat8ments rgpresenl the undertying transactions arKI events in a manner that achleves tslr presenl8tlon. We communlcate with those charged with governance regardlng, among other rnette, the p18nned 8cop8 and tirnlng of the aud 8nd slgnlflcant audit findlnp, Indudlng any slgnificant defiaencies In Internal control that we Identlfy during our audlt. Date.. 1610W2021 Shlvani Kothari18gnior Statutory Auditor) forand on bèhalf of Moorè Kin9Ston Smith LLP Slatutory Audltor 4 Victoria Square St Alb8ns Hortlordshlre AL13TF Moore Klngston Smllh LLP Is elgibl8 to act as an auditoi In term of seciion 1212 of the Companies Act 2006. Page 9
Panniterfs School Foundation statement of Financial Activities {Incorporating the Summary Income and Expendlture Account) For the year ended 31 August 2020 Total Funds Year eTrJod 2020 N¢ Unwe8lrlct•d R05tricted Unrestrict•d Re5tr1cted Funds Year •Nled 201• Fund Funds Funds Funds ce and Enthirnants Irom.. Donaliorks and aci88 Chaiitable a¢tlvllle8 Inve8lment• ),346 .345 63.912 63,912 227 12730S Total 187 Jo 180 966 exp•ndllur• on: Chaittobkn acllvftknB Olh•i 128,2( 128,2 139,71e 139.718 Tol•1 S2 174 862 191721 151721 N•t lexpehdlturtr)nn¢oTr b•loT• ylnl and loM•6 on Inv•knt• 12,998 12.998 110,7551 110,7551 Net g•1MlO#•I on In¥88lrn8nt• 1161 494 161 494 N•t Incom•llExpBnduMI 1148.4961 1148.4961 15,898 IS,6DB Not Mov•m•nt IN Fund• 148 496 149.496 R¢¢9111•110n of lund¥- Total fundB blOU9hl foNArd T(al lund¥ fornard 14130181 66 41 14134351 4190 139868 14114463 14 lJ0 111 141186&3 14 134 301 12 All gilrva and ki•••s arhhg In the yeir h•v• h•n Indud•¢ In t stal•m•nl ol Fin•n¢l•l A¢tfvKh• •nd orfle flom contlnulng Dr*Or0. Th• notes on pogej 12 to 19 forrn • ftnandBI 818tem•nts. page 10
Parmiterfs School Foundation Balance Sheet at 31 August 2020 2020 2020 2019 2D19 Fixed Assèts: Tan ble assets Investments 8,800,000 5,086,646 8,8LN),000 5,251,642 13,886,646 14,051,642 Curr•nt Assots: Oeblors CaBh at bank and in hand 10 4,253 109,231 6,953 86.975 113,484 93.928 Cr•dltors: Amounts lalllng due wlthln ¢)n• 5•ar 14.275 111,219 Not Curr•nt As•et• Tolal assets I$ cuvr•nl Ilabiliti 13985855 14 134 351 N•t A*s&s 13 985855 14 134361 Funds Unrestrlcted fvnds General Designated knnd& Restricted fvndB 12 4,847,183 9,134,482 5,046,684 9,083.477 13,986,855 14 134 361 )proved by the board .. Mr8 J. Glossop Chalrman Charity Number.. 312704 Page 11
Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2020 1 Accounting Policies A summary of the prinapal accounting policies adopted (which have been applied consistentty, except where noted). ludgemenls and key sources of estimation uncertainty, is set out b81ow. (al Basis of preparing the financial statements The financi81 statements of the ch8rrty, bthich 18 a publc benefrt entity und8r FRS 102, have b88n prepared in accordance with thè Charitses SORP IFRS 102) 'Accounling arbd Rep)rling by Charities.. Statement of R6comm8nded Practice applicab to charili8s preparing their accounts in accordance with th8 Finandal ReFQrting StarKlard appllGablg In the UK and Republic of Ireland IFRS 1021 (2nd edltlon October 2019)., Finan(ial R$portSng Standard 102 'The Flnancial Rewrung Standard apIcable in the UK and Republic ol Ireland, and the Charlll6s Act 2011. Th& financial statements have been prépared under the historicgl ¢03t ¢onventson th the exception of land and buiklings and Investments which ara included al market Volu8, a modlfled by the ravaluation of certaln assets. The flnancl81 st8t8ments aro prepared In slerllng. lch Is the functional cu8ncY of Ihe ¢hadty. Monetary Bmounts In these ffinandal slatemenls are rounded to th8 nearest pound. Golng concom The Trustees havo 8SS8S8ed whether the use of golng conGem is approprfale end h8ve considered PO88ible events or condltlons. Including the Impact of Covid-19, that mlght cast sigriificant doubt on the ability of the charity lo continue as a gobng concern. The Trustegs have made th1$ 8$8¢s$ment for a period of at least one year from th8 date of the approval of the8e Ilnanc181 st#temènts. After making enqulrles, th8 Trustees have concluded Ih81 Ih&re Is a reasonable 8XFectalion that the chgrity has hdequale resources to conllnue In oper8lon818xlstence for the foreseeable future. Tho ¢hanty therefore ¢ontsnues to adopt the golng ¢onc8rn bas18 In preparfng Its financlal 8tstgments. Significant judgements and •stlmat•s Preparation of the financlal st8t6m8nts r8quire8 management to make signlllcant judgements and esllmat¢$. No items in these financial Statemènts Include signlficant judgements and ostimatès that management has made in thtr pro¢e$s ol appng these accounting policies or that have a 51gnifficant sk of c8uslng material adluslrnent to the book value of assets 8nd lia11&S withln the next financial year. Ib) Incoming rosourcos All Income is accounted for when receivatAo wlth the exception of donation8 and glfts whlch are accounted for when rec8lved. 1¢) R•sources Expgnded All 8xFenditure 15 8¢¢ounted for on an accruals basls and has b8gn classified under headings that aggregate all costs related to the c8tegory. Wherever possible costs are directty attributed to Ihese headings. Costs common to more than one area are apForlioned on a rgasonatAe basls or on a direct Cost bas13. The irrecoveT8ble element of VAT Is included with the expense item to whl¢h it relates. Support costs are Ihose costs incurred in SUFPOrt of the charitable objectives. These have been allocated to the charltable aclivtties on a basis thal fairty rgllects the true use of those resource thIn the organlsallon. Management and administration costs are those incurred in the govemance of the Charfly and are primarily associated with the constitutional and statutory requiremgnts. Page 12
Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2020 (d) Tangible Flxed Assets (i) Freehold land #nd buiklings are functional assets and are shown al the revaluation value and include additions during the year. lel Financial Instruments [1) Cash and cash equivalents Cash and cash equivalen15 include Gash at banks and In hand and short term dep051ts wlth a maturlty dale of thrae month5 or les5. (li) Debtors and creditor4 D8btors and credrtors receivable or payable wthln one year of the reporting dale are carrted at Ihelr at transaclion prlce. Debtors and creditors that are re¢elvable or payable In more than one y$8r and not subject to a market rat8 of Intere51 are measured al the present value of th8 eXCted future recelpts or payment discounted at a market rate of interest. 1111) Flxed Asset Investments Investment8 arè a form of boslc flnancial instrument and 8re Inlllalty rOgnIsed al Ihgir transaction valug and subsgquentty measured 81 thelr falr v8lue as at the balance sheet d8te using the ¢loslng quoted market price. The slalement of financial aGtivilos InGludes tha nel galns 8nd108ses grlsing on revaluation and dlspos81s throughout tho year. If) Funds UnroStrlGlod the58 repr8sent funds whl¢h the Trustees are free to U80 In accordance wh the chariloblo objects. Deslgnated - these are fund8 gel a8hJa by the Truste88 for 8pedfic purposes. Restricted these are funds that can onty be used for a partiGular purpose wlthln the obS8¢ts of the Cha1Y as spadfi•d by the donor. Page 13
Parmiterfs School Foundation Notes to the Accounts For the year ended 31 August 2020 Donotlons and legacies 2020 2019 Donalon8 60,345 63,912 3 Charitable activiti•s 2020 2019 Farm and bungalow rent 227 4 Inv•stmont incom8 2020 2019 UBS investment p¢)rtlolio 127,305 116,827 S Expndllure: Dlrnct Costs Support Costs Y•ar ended Year endgd 2020 2019 Dirvct charltsble actlvitig5: School Premises School bu8 donatic Academy support costs ScholaTshlps, ptlz88 and AcHrtfimy orHn 9,340 8,036 93,711 9,340 8,036 93,711 21,370 8,282 102.092 128,21XI 128,200 139,71B Other oxpendSture: Support Costs Governgnce Costs Investment manogement costs 30,390 9,111 30,390 32,044 10,920 9,039 52,003 5b 6,9S1 6.951 39.101 46,452 Total 136 161 174 652 Trf1 Page 14
Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2020 5a Support costs Year ended 2020 Year ended 2019 Ac8demy support ccéts Accountancy fees Professlonal fees 21,750 3.480 5.160 30,390 22,000 3,942 6,102 32,044 Sb Governancé costs Yearended 2020 Year onded 2019 Truste88 8xpens85 Audrtors, r8munerallon- current year Legal costs 2,031 7,080 3,780 6,780 360 Trustees, expèns•s cover reimbursemenl ol ITaining, travgl aThJ othar costs. The number of Trust095 clalmlng expenses during tho yoar was No Tru$leos were pald any remuneratlon dung the year. 6 8taff Costs All staff are empk)y8d by lh8 ac&demy. The approprlale Ilme allocation for 3 staff Is rochaed to the Foundatlon. K•y managemenl personn•l The key management personnol of the foundation ¢ompd$è the Trustees and emplwe¥ of the ac8(iemy,118ted in tho Trustee report. The total amount of employee benefits (including employer p&nslon contrSbutions) of key managèm8nt personnel recharged for their services to the found8tton wa8 £6.00012019'. £6,500). Page 15
Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2020 7 Tanolbbo Flxgd A88ets Freehold Land and Bulldlngs Totsl Co8VValuatlon A8 at 1 September 2019 and 31 August 2 The buildlrYJ8 have been insured at the r*n&tate value of the Ffcperty. Follth•hng a review. no imF0irment ha$ been kjentthed. A desk-top valuatlon was carried Okrt by Lambert Smf(h, Chartered SuNeytxs, in February 2017. A de8k-lop valuation does not conslllute a formal valuation in accordance with the RICS Valuation ProfeBslonal Standard8 lJanuary 20141. However, the basis ol valuation adopted accords wrth the RICS definilpn of Market Val. The methodolcgy apF4ied in the review proces8 gave a value behyeen £8,656.3 aThJ £9.341,863. The Trustees belleve that the market value at 31 August 2020 i& not materially different to the latest valuation. The Iruslee8 review the condition olthe building on a regular bas18. DurirrfJ the year to 31 August 2020 over £121,000 was spent on the repairs and ueP ol the property. Inv•Bknants Year ended 2020 Year •nd•d 2019 Funds managod by UBS Llited Invostmgnti.. Mathet value 1 Septemter Coet of addrtiorMIFund8 inve8ted Le Proceed8 on d13p1 Net galn61ll¢x8esl Mark•t Value of InvoBlment8 5,129,559 5,438,313 2,344.942 1,973,913 1? 49• 5481 12,309,120) 5 129 S59 Urpinvested fuTrJ8 at UBS Total 1ntrnent Value 5,086 646 5,251642 The market value al 31 AU812020 comwl8e8'. Li8ted inve8lment8 Cash awalting Investment 4,820,459 266 187 5.129,559 122 083 The market value ol Investmènts at 31 August 2020 18 repre8ented by the followrpJ.' Money Market Time Bond Investments Equity Investments AlternatNe Investments Real Estate Investments 53,469 987,343 3,026, 158 811,418 251 171 129 651, 3,194.316 735,836 238611 20,4 Hlstorlc coBt 4,241904 4,294,266 The fr)Ilowng Investment represerbled trK•re than 5% of the portfolio.. Key MU1 Mgr £ Focusay 7.31% Key Mutti Mgr £ Diversfield 7.03% UBS ICVC 8&P5 INDX FL 11.%% P4e 16
Parmiterfs School Foundation Notes to the Accounts For the year ended 31 August 2020 9 Financial instrum•nts 2020 2019 Galns I qlossesl Gains I (losses) Income Expensa Income Expense Flnan(aal assots me88ur8d al fair value through profit or10sS 127,305 6,951 1161,494) 116,827 9,039 26,453 10 Debtors Year •ndod Year •nded 2020 2019 Amounts falling du• wllhln one r. Income tax ¢lalm other debtors 3,673 580 5,851 1.102 4,253 6,953 11 Cr•dltorn Y•ar end•d Y•4r •nd•d 2020 2019 Amounts falling duo wlthln on• y•ar: Accruals Trade credltors 12,535 1,740 11,219 337,188 346918 PwJe 17
Parmiterfs School Foundation Notes to the Accounts For the year ended 31 August 2020 12 Funds Nit At In¢oTrlng (Oulgolngl Galngllosses o 1st Sept•mber R•soU•S Resource$ investment5 2019 forth• Yr IDY th• Y•ar lor lh• >wr Ti•n$fern 31st Augu¥t 2020 UnMstrf¢t4d Fundi 4,847,183 D•slgnat•d Funds FiKed Assets R•valualion RgB8M Schocl Lknlopm•nt 1,775.320 7,024.680 1.7TS,3XJ 7.14,680 I,48? ),345 IlJ.3401 14130161 18 13 981665 RMtrfd•d Fund• Emma Dinala Fund Cha8• Fouthtb)n Trt41 Chirmy Fund• 13,941.177 187.6SJ 13985855 N•luw• and of D••lgnat•d Fnd4 Flx•d A•Hts r•pr•sws th• ValtIon of th• Lar¥J •NI 8ulldlw8 hld by lh• FoundotK>n. 8¢hool fkniopnxnt repr•wl8 th• knd ael 1980 by mean• ol o Cov•n•rt Schem•, wh8reby p•r•nt• •X¢CLrte déed of covenant in lovour of the Gcv•rnorn. Th• mon• aF• hakj on depo•ft p•rvJlng exp¢ndhur•, Th• FuTrJ IB int•ThJed lo In•rt• exPdItr0 Oth?18• luNJ•¢ by th8 8ch)o1 (3ovorr¢Jro ¢rf by Gov¢rnmonl funding. Na1• and Pu0••01 R•¥trlthd Fund• Emmi Dlnota Fund repr•8enl8 donation& rec•lwd in mgmory of i form•r PUF41 of Ih Khool. ld li kn10nd to wpport •lud•nt8 wh) r•queDt 1P wlth fir•n¢ing •XIr84url 8uzaDn• Chu• Foundall(ffi repr•Mnts donBlion• rocVed Ih m•mcry ol 8 former pupil of the echJol. Th• fund• 8r• to b• gpent on pup1, bDth curr•nl and former, to finanm •xpendituro nol othrwyde by School Gov•mor8 or Govemmenl Page 18
Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2020 13 Anatysls of Not Assets between Funds Restricted Fund Unrnstrietèd Funds Total 31tst August 2020 Fixed A88ets Net current a88etsl{Ilabllltle8) 13,886,646 95,019 13,886.646 99,209 4,190 13 981,665 13985855 31stAugust 2019 Fixed 088ets Net current assetsl{liabiliti&8) 14,051,642 78,519 14,051,642 82,709 4,190 Total 14 130,161 14 134351 14 Relat Party Transactlons Parmlterfs School 18 a related paty through common control. Thè total donations granted to th• School dunng the year were £122,127 (2019.. £152,818). Tho donations were for a variety of dfferent expenses including.. 2020 2019 Contrlbulon towards low Income famlly bu8e8 and educallonal vl8tts Recharge of 88larie8 Other contrlbutlons Speech nithl oifts and prize8 Other day to day school operalng Costs Donalions to thvj Bchool Donation . floorlng Donallon - 81r condluoning 9,329 21,750 17,197 3,867 5,984 64,000 9,793 22,000 17,740 7,974 14,011 64,000 12,300 122 127 152818 16 Controlllng Party In the oplnion of the Trustees, there18 no controlling party. Page 19
Parmiterfs School Foundation Management Inforniation For the year ended 31 August 2020 Premises 2020 2019 hool Premises 9,340 21,370 Miscell•n•ous direct costs Year ended 2020 Ywr and•d 2019 Gronts lo parents Chaiitab18 Donatlor Covenant Fund contrfbulSon$ to the School Other Charitable Costs 8,036 17.197 64,000 12,514 101,747 8,282 22,960 68.125 11,007 110.374 Other Granls and Awardi Y••r ond•d 2020 Y•aT ended 2019 Grants to the Academy 17,113 7,974 Investment Manag•m•nt Exp•nMs Y•ar ended 2020 Year •nd•d 2019 Investm•nt management expen80S e,951 6,951 9.039 8upport Costs Y•arend•d 2020 Y•ar •nd•d 2019 Salary RechaTgg - Clark Salary Recharge - Finance Salary Recharge - Piemlses Accountancy fee¥- current year Profg8sional fees 12,750 6,000 3,000 3,480 5,160 12.500 6,500 3,000 3,942 Governanc• costs Y•ar ended 2020 Y•ar ended 2019 Audilorfs remuneration- current year Tntstees. expenses Othgr govemance costs 7,080 2.031 6,780 3,780 360 Totsl R&sourcos Exp?Ddod 174652 191,721