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
pu￿ls. 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 a￿OrdInglY 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 I￿orne 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
pe￿0d 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 F￿rtf￿￿O over the prevlous 12 month¥.
The objectives remain to promote educatlon and provide supwt to th9 school and students.
The Trustees have re¥1￿med, 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¢$sures that the school is currentty faung.
Th8 Implement81ion of th8 updated procedures Yéill enhance Tru51e6s' control over th• meeting of the
Foundalion's charitable fundraising.
RESERVES POLICY
The tot81 fund8 for the year endod 31st August 2020 was £13,985,855. Thls was made up of a5 follows..
£4,190 Te8tricted funds - money resevved to help students taklng gap year's both within th8 community
and aboard. There Is no 8xpected timescale for thi8 expendlture.
£9,134,482- designated funds made up of Covenant {£334,482), land and bu1￿j1ng5 (£8,800,000)
The balance of £4,847,1831s unr6slricted and hs the balance of the Inv88tm6nt portlollo as of 31st Augu8t
2020.
R•strlctsd & Unreslrlcted Funds
In the opinion of the Trustees the Foundation's 8886ts whl¢h aro 4ttribulable to Restricted and UnreStrf￿Od
Funds are av8llable and adequate to meet Ilat￿lItieS of those Fund8.
Flnancl81 detall of those Fund8 18 shown in Notes 12 and 13.
The Unre8trlcted Genaral Fund Is malnt8lned to cover ongolng expendituro whl¢h Is made up of student bursa￿6$,
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 rel￿ant 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 T￿￿tee3 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 Founda￿On 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
ap￿41Cab￿ law and United Klngd¢)m Accounting Sta￿lards, including FRS 102 'Thè Finanrial Reporting
St8ndard Applicable in the UK and Ireland, (United Kingdom Generalty Accepted Accounting PraLIIc8).
In our D￿nIOn 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)$6. To the ful￿St
extent permltted by law, we do nol accept or 888ume reSponsi￿￿'ty to any paty other than the charlty and
char￿￿$ 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 AUdI￿nglISAS{UK) and sppllcable
law. Our responslbllltles under those slandards are further descrlbad In the Aud￿or,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 foll0Y￿ng matt¢rs where tho Charities Act 2011 requlres ￿ to
rep)rt to you If, In our oplnlon..
the Infomallon glven in tha Tr￿tee6, 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 Y￿th the accountlng record8 and rolums,. or
w6 have not recelvod all the Infomiatlon and exphnatlons wg requlred for our S￿111.
Responsibilitlos of trustees
A8 explalned more fully In the trust9es' lespon51￿11￿e8 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 en8￿e 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 cha￿ty 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 over￿d0 of internal control.
Obtsin an understandlng of internal control relevant to the aLKlit in order to design audit procedures
that are approwiale in the cirCUff￿￿nces, 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, 8tWC￿re 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
c￿e 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•llExpBnd*uMI
1148.4961
1148.4961
15,898
IS,6DB
Not Mov•m•nt IN Fund•
148 496
149.496
R¢¢9￿111•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 D￿r*￿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$portSng Standard 102 'The Flnancial Rewrung Standard
ap￿Icable in the UK and Republic ol Ireland, and the Charlll6s Act 2011. Th& financial statements
have been prépared under the historicgl ¢03t ¢onventson ￿￿th the exception of land and buiklings and
Investments which ara included al market Volu8, a modlfled by the ravaluation of certaln assets.
The flnancl81 st8t8ments aro prepared In slerllng. ￿lch Is the functional cu￿8ncY of Ihe ¢hadty.
Monetary Bmounts In these ffinandal slatemenls are rounded to th8 nearest pound.
Golng concom
The Trustees havo 8SS8S8ed whether the use of golng conGem is approprfale end h8ve considered
PO88ible events or condltlons. Including the Impact of Covid-19, that mlght cast sigriificant doubt on
the ability of the charity lo continue as a gobng concern. The Trustegs have made th1$ 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 app￿ng these accounting policies or that have a 51gnifficant
sk of c8uslng material adluslrnent to the book value of assets 8nd lia￿1￿1&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
eX￿Cted 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 r￿OgnIsed 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 w￿h 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
Cha1￿Y 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$leos were pald any remuneratlon du￿ng the year.
6 8taff Costs
All staff are empk)y8d by lh8 ac&demy. The approprlale Ilme allocation for 3 staff Is rocha￿ed to the
Foundatlon.
K•y managemenl personn•l
The key management personnol of the foundation ¢ompd$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 u￿￿eP 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 d13p￿1
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 1n￿trnent Value
5,086 646
5,251642
The market value al 31 A￿U812020 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 MU￿1 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• Y￿r 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 F￿nd4
Flx•d A•Hts r•pr•sw*s th• Val￿tIon 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•
exP￿dIt￿r0 Oth?￿18• luNJ•¢ by th8 8ch)o1 (3ovorr¢Jro ¢rf by Gov¢rnmonl funding.
Na￿1• and Pu￿0••01 R•¥trlthd Fund•
Emmi Dlnota Fund repr•8enl8 donation& rec•lwd in mgmory of i form•r PUF41 of Ih Khool. l￿d li kn10nd￿ to wpport
•lud•nt8 wh) r•queDt ￿1P wlth fir•n¢ing •XIr84ur￿l￿
8uzaDn• Chu• Foundall(ffi repr•Mnts donBlion• roc￿Ved 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