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2024-08-31-accounts

PARMITER'S SCHOOL FOUNDATION

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NEN
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FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2024

(Charity Registered Number: 312704)

Parmiter's School Foundation Contents Year ended 31st August 2024

Page
Legal and Administrative Details 1
Trustees' Report 2 - 6
Auditors' Report 7 - 9
Statement of Financial Activities 10
Charity Balance Sheet 11
Notes to the Accounts 12 - 19

Parmiter's School Foundation Legal and Administrative Details

Parmiter's School Foundation is a registered charity (312704). It is governed by the scheme of the Charity Commission (1991) as amended by the Scheme (2002) and the Trustee Resolution (2010).

Trustees

The Trustees of the charity are:

Mrs J Glossop (Chairman) Mrs M Kingston Mr A Mehmet Mr C Partridge Mr A O'Brien Mr P Mitchell (Vice-Chairman) Mrs A Heathcote Ms J Lloyd

Advisors

Clerk to the Trustees

Mrs H. Clark

Auditors

Bankers

Moore Kingston Smith LLP 4 Victoria Square St Albans Hertfordshire AL1 3TF Barclays Bank plc. Watford Hertfordshire WD17 2BT

Investment Managers

UBS AG 3 Finsbury Avenue London EC2M 2AN

Page 1

PARMITER’S SCHOOL FOUNDATION

REPORT OF THE TRUSTEES

For the year ended 31 August 2024

The Trustees present their Report together with the Financial Statements of the Foundation for the 12month period ended 31 August 2024. The Financial Statements have been prepared in accordance with the accounting policies set out on Pages 12 and 13 and comply with the Foundation's Trust Deed and applicable law.

BOARD OF TRUSTEES

The Trustees who served during the period are:

Mrs J Glossop (Chairman) Mr M F Hammond (until 1 April 2024) Mrs A Heathcote Mrs M Kingston Ms J Lloyd (from 14 February 2024) Mr A Mehmet Mr P Mitchell (Vice-Chairman) Mr A O’Brien Mr C Partridge

Miss N Davison (Observer)

CONSTITUTION, OBJECTS AND POLICIES

The Foundation, which was constituted by Trust Deed in 1913 and amended in 1991 and 2002, is a Registered Charity - Number 312704.

Changes to the Constitution have been agreed with the Charity Commission in January 2009 without the need for an amending Scheme. The Charity Commission has permitted the Trustees to adopt a Memorandum of Changes by resolution after which the approved document becomes the governing document of the Charity. There is a Trustee resolution dated 5 November 2010.

OBJECT, OBJECTIVES, PUBLIC BENEFIT

The objects of the Foundation are to promote education and provide financial support to Parmiter's School and its pupils. The policies of the Foundation cover the development and enhancement of the Parmiter's school site in addition to the rendering of financial assistance to the school and the granting of bursaries to current and former pupils. Request for bursaries are made in writing to the Foundation and consideration is given accordingly by the Trustees.

The Foundation has a commitment to ensure that the school buildings and grounds are fit for the purpose of operating a school.

The Trustees have given due consideration to Charity Commission guidance on the operation of the Public Benefit requirement and identify that benefit occurs in the carrying out of the Foundation’s objectives.

Page 2

REVIEW OF THE YEAR

The Foundation Trustees approved a grant of £22,808 towards school transport and school educational visits for parents on low income who applied for assistance. We are not expecting this to rise in the coming year

A grant of £15,049 was approved to cover the cost of the annual School Recruitment (TES) subscription. In addition to this subscription, which was secured at a lower rate than previously, the Trustees approved the support of the MyNewTerm online recruitment platform. Both subscriptions were secured at a similar cost to the previous TES subscription and were considered excellent value for money.

The Foundation also transferred £30,000 of parental contributions to the school as these funds were donated to help with the day-to-day running of the school and to help maintain the school’s excellent standards and enhance the student provision. A total of £16,494 was invested on replacing the drainage system and windows and doors on the school bungalow.

TRUSTEES STRUCTURE, GOVERNANCE AND MANAGEMENT

The day-to-day administration of the Foundation is undertaken by the Clerk, in collaboration with a member of the school (Academy) staff employed solely to administer the financial requirements of the Foundation Trust, the Trustees and the Business Director of the school.

As defined in the Charity Scheme of 29 April 1991, each Trustee is appointed for a term of four years. Miss Lloyd was invited to be an observer last year, and has now become a Trustee. Miss Lloyd had been a dedicated member of the school Mathematics teaching staff until her retirement in 2022 and brings significant expertise to the charity. The Trustees will continue to explore an inclusive style of recruitment of individuals who represent the diversity of the school student and staff body alongside the needs of the Foundation Trust which must remain the priority.

Trustees are historically appointed by recommendation with appointments being agreed by all existing Trustees. New Trustees are inducted through internal training and any identified external resources. The Trust’s Investment Bank, UBS, offer regular reviews of the global financial situation with relevance to the Foundation’s investments.

The Trustees have met on four occasions over the year to agree broad strategy and consider areas of risk and activity, principally covering Investments and Freehold Land & Buildings.

The Key Management Personnel for the Foundation includes a member of the school (Academy) employed solely to oversee and administer the Foundation accounts. Their remuneration is set and paid for by the Academy. The Foundation and the Academy have a Service Level Agreement to agree the appropriate remuneration to be paid to the Academy from the Foundation for this member.

REMUNERATION POLICY

Remuneration for all Key Personnel involved in the running of the Foundation operations is covered in a Service Level Agreement between the Foundation and the Academy. The agreement is reviewed on an annual basis as the Key Personnel are paid in accordance with the Academy’s Pay Policy.

Page 3

INVESTMENTS

The mandate which has been given by the Foundation to UBS is for a long-term discretionary portfolio with a mixture of capital growth and income. The overall risk profile for our total portfolio is “moderate.” The Trustees have been happy overall with the increases made to the portfolio over the previous 12 months.

The objects of the Foundation are to promote education and provide support to Parmiter's School and its students. The policies of the Foundation cover: The development and enhancement of the Parmiter's school site. The rendering of financial assistance to the school and the granting of Bursaries to current and former pupils,

A portfolio review was held via Microsoft Teams during the April 2024 meeting with Philip Francis, Client Advisor and Emma Tackoor, an Investment Specialist. Philip Francis presented the annual report to Trustees. Regular (monthly) statements and detailed transaction summaries are made available for monitoring purposes. There have been no changes to the existing mandate.

Detail of funds under management as shown in Note 8, Page 16 of the Financial Statements highlights an increase in portfolio value of £592k during the 12-month period.

FREEHOLD LAND & BUILDINGS

The Freehold Land & Buildings owned by Parmiter's School Foundation are leased to Parmiter's School under the Terms of a formal Lease Agreement dated 30 June 2011 signed off for and on behalf of the Secretary of State for Education, the Foundation and the School (Academy).

Under the terms of the Lease Agreement, Parmiter's School has the financial obligation to maintain the buildings owned by the Foundation for the purpose of education. The Trustees have carried out an Impairment Review and believe the value of the buildings are correctly referenced in the accounts.

No provision for depreciation has been charged on Freehold buildings

FINANCIAL REVIEW, ACTIVITIES AND ACHIEVEMENTS

The financial activity for the 12-month period is shown in the Statement of Financial Activities on Page 10.

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2023/24 2022/23 2021/2022 2020/2021
12 months 12 months 12 months 12 months
a) Income £177,970 £156,686 £149,090 £181,966
b) Expenditure £161,760 £298,895 £286,530 £191,721
c) Net income/(expenditure) £16,210 (£142,209) (£137,440) (£10,755)
d) Realised and unrealised gains on investments £602,714 £12,428 (£213,498) £26,453
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Income resources are made up of dividend income received on investments and from Covenant funds received from parent donations. The dividend income increased by £20,667 in 2023/24 from the previous year’s dividend income and Covenant funds decreased by £8,874 from the previous year.

The Chairman approached parents and carers of new students in writing for support of the Covenant fund. Response has been disappointing, most likely due to the current financial pressures on families. Work will continue in relation to the promotion of the Covenant Fund to parents and carers in an appropriate and sensitive way. It is hoped that this approach will encourage future donations and grow the fund.

Page 4

FUTURE DEVELOPMENT PLANS

Future grants to the school may include:

  1. A contribution in the region of £200,000 towards window walling in the main block of the school.

  2. A contribution towards fire safety in the main block.

An ongoing review of Operational Procedures to define and match Parmiter's School's (Academy) needs with available Foundation resources is ongoing due to the financial pressures that the school is currently facing.

The implementation of the updated procedures will enhance Trustees' control over the meeting of the Foundation's charitable fundraising.

RESERVES POLICY

The total funds for the year ended 31st August 2024 was £14,668,372. This was made up of as follows:

Restricted & Unrestricted Funds

In the opinion of the Trustees, the Foundation's assets, which are attributable to Restricted and Unrestricted Funds, are available and adequate to meet liabilities of those Funds.

Financial detail of those Funds is shown in Notes 11 and 12.

The Fund is maintained to cover ongoing expenditure, which is made up of student bursaries, Trustee training expenditure and staff salaries. In addition, the charity retains funds to ensure it can meet any unforeseen costs relating to the buildings.

The policy is to hold at least 1 year's worth of expenditure in free reserves. Unrestricted funds are well in excess of this.

Disclosure of Information to Auditors

Each of the Trustees has confirmed that, insofar as they are aware, there is no information of which they are aware which is relevant to the audit, but of which the auditors are unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

18 March 2025

This report was approved by the Trustees on ____ and signed on their behalf by:

Mrs J Glossop Chairman of the Board of Trustees

Page 5

STATEMENTS OF TRUSTEES’ RESPONSIBILITIES

The Trustees of Parmiter's School Foundation ("the Foundation") are required under the Charities Act 2011 to prepare financial statements for each financial period I year which give a true and fair view of the Foundation's financial activities during the period I year and of its financial position at the end of the period I year.

In preparing financial statements giving a true and fair view, the Trustees should follow best practice and;

  1. Select suitable accounting policies and apply them consistently

  2. Make judgments and estimates that are reasonable and prudent

  3. State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departure disclosed and explained in the financial statements

  4. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Foundation will continue in operation

The Trustees are responsible for keeping accounting records, which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

Independent Auditor's Report to the Trustees of Parmiter's School Foundation

Opinion

We have audited the financial statements of Parmiter’s School Foundation for the year ended 31 August 2024 which comprise of the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 7

Independent Auditor's Report to the Trustees of Parmiter's School Foundation

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 8

Independent Auditor's Report to the Trustees of Parmiter's School Foundation

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Statutory Auditor

Date: 20 March 2025 4 Victoria Square St Albans, Hertfordshire AL1 3TF

Moore Kingston Smith LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 9

Parmiter's School Foundation Statement of Financial Activities (Incorporating the Summary Income and Expenditure Account) For the year ended 31 August 2024

Total
Note Unrestricted
Restricted
Funds
Year ended
Funds
Funds
2024
£
£
£
Income and Endowments from:
Donations and legacies
2
32,894
500
33,394
Investments
4
144,576
-
144,576
Total
177,470
500
177,970
Expenditure on:
Charitable activities
86,376
-
86,376
Other
75,384
-
75,384
Total
5
161,760
-
161,760
Net (expenditure)/income before gains and
losses on investments
15,710
500
16,210
Net gains/(losses) on investments
8
602,714
-
602,714
Net Income/(Expenditure)
618,424
500
618,924
Net Movement in Funds
618,424
500
618,924
Reconciliation of funds:
Total funds brought forward
14,045,258
4,190
14,049,448
Total funds carried forward
11
14,663,682
4,690
14,668,372		 Total
Unrestricted
Restricted
Funds
Year ended
Funds
Funds
2023
£
£
£
36,289
-
36,289
120,397
-
120,397
156,686
-
156,686
209,045
-
209,045
89,850
-
89,850
298,895
-
298,895
(142,209)
-
(142,209)
12,428
-
12,428
(129,781)
-
(129,781)
(129,781)
-
(129,781)
14,175,039
4,190
14,179,229
14,045,258
4,190
14,049,448

All gains and losses arising in the year have been included in the Statement of Financial Activities and arise from continuing operations.

The notes on pages 12 to 19 form a part of these financial statements.

Page 10

Parmiter's School Foundation Balance Sheet at 31 August 2024

Notes 2024 2024 2023 2023
£ £ £ £
Fixed Assets:
Tangible assets 7 8,800,000 8,800,000
Investments 8 5,825,522 5,233,306
Current Assets: 14,625,522 14,033,306
Debtors 9 1,689 1,689
Cash at bank and in hand 53,761 27,053
Creditors: Amounts falling due 55,450 28,742
within one year 10 (12,600) (12,600)
Net Current Assets 42,850 16,142
Total assets less current liabilities 14,668,372 14,049,448
Net Assets 14,668,372 14,049,448
Funds 11
Unrestricted funds
General 5,751,160 5,284,794
Designated funds 8,912,522 8,760,464
Restricted funds 4,690 4,190
14,668,372 14,049,448

18 March 2025

Approved by the board on ……………………..

UC Mrs J. Glossop CEhescre Chairman

Charity Number: 312704

Page 11

Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2024

1 Accounting Policies

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, is set out below.

(a)Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (2nd edition - October 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of land and buildings and investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

The Trustees have assessed whether the use of going concern is appropriate and have considered possible events or conditions, including the impact of the cost of living crisis, that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The freehold land and buildings are not depreciated as the trustees consider that investment in the property is sufficient to offset any wear and tear that would decrease their value. The policy will be reviewed each year and if there are any indications of impairments the policy will be changed.

The investment portfolio includes Alternative Investments and Property, the value of which can be subject to a higher degree of estimation uncertainty. The portfolio is managed and valued by UBS.

(b)Incoming resources

All income is accounted for when receivable with the exception of donations and gifts which are accounted for when received.

(c)Resources Expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Wherever possible costs are directly attributed to these headings. Costs common to more than one area are apportioned on a reasonable basis or on a direct cost basis. The irrecoverable element of VAT is included with the expense item to which it relates.

Support costs are those costs incurred in support of the charitable objectives. These have been allocated to the charitable activities on a basis that fairly reflects the true use of those resource within the organisation.

Management and administration costs are those incurred in the governance of the Charity and are primarily associated with the constitutional and statutory requirements.

Page 12

Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2024

(d) Tangible Fixed Assets

(e) Financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less as well as a multi option facility with a limit of £500,000 with UBS.

(ii) Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their at transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

(iii) Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

(f) Funds

Unrestricted - these represent funds which the Trustees are free to use in accordance with the charitable objects.

Designated - these are funds set aside by the Trustees for specific purposes. Restricted - these are funds that can only be used for a particular purpose within the objects of the Charity as specified by the donor.

Page 13

Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2024

2
Donations and legacies
Donations
This includes £500 (2023: £nil) of restricted donations.
3
Charitable activities
Farm and bungalow rent
4
Investment income
UBS investment portfolio
5
Expenditure:
Direct
Note
Costs
£
Direct charitable activities:
School Premises
-
School bus donation
22,703
Academy support costs
33,673
Scholarships, prizes and Academy grants
30,000
86,376
Other expenditure:
Support Costs
5a
-
Governance Costs
5b
-
Investment management costs
18,782
Repairs and maintenance
16,493
35,275
Total
121,651		 Support
Costs
£
-
-
-
-
-
26,054
14,055
-
-
40,109
40,109		 2024
£
33,394
2024
£
-
2024
£
144,576
Year ended
2024
£
-
22,703
33,673
30,000
86,376
26,054
14,055
18,782
16,493
75,384
161,760		 2023
£
36,289
2023
£
-
2023
£
120,397
Year ended
2023
£
122,316
15,889
35,000
35,840
209,045
25,026
17,453
12,766
34,605
89,850
298,895

Page 14

Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2024

5a
Support costs
Year ended
2024
£
Academy support costs
21,750
Accountancy fees
4,304
26,054
5b
Governance costs
Year ended
2024
£
Trustees expenses
408
Auditors' remuneration - current year
12,600
Other governance costs
1,047
14,055
Trustees' expenses cover reimbursement of training, travel and other costs.
The number of Trustees claiming expenses during the year was
1		 Year ended
2023
£
21,750
3,276
25,026
Year ended
2023
£
3,474
12,600
1,379
17,453
1

No Trustees were paid any remuneration during the year.

6 Staff Costs

All staff are employed by the academy. The appropriate time allocation for 3 staff is recharged to the Foundation.

Key management personnel

The key management personnel of the foundation comprise the Trustees and employees of the academy, listed in the Trustee report. The total amount of employee benefits (including employer pension contributions) of key management personnel recharged for their services to the foundation was £6,000 (2023: £6,000).

Page 15

Parmiter's School Foundation

Notes to the Accounts

For the year ended 31 August 2024

7 Tangible Fixed Assets

Valuation
As at 1 September 2023 and 31 August 2024		 Freehold
Land and
Buildings
£
8,800,000		 Total
£
8,800,000

The buildings have been insured at the reinstatement value of the property. Following a review, no impairment has been identified.

A desk-top valuation was carried out by Lambert Smith, Chartered Surveyors, in February 2017. A desk-top valuation does not constitute a formal valuation in accordance with the RICS Valuation Professional Standards (January 2014). However, the basis of valuation adopted accords with the RICS definition of Market Value. The methodology applied in the review process gave a value between £8,656,863 and £9,341,863. The Trustees believe that the market value at 31 August 2024 is not materially different to the latest valuation.

The trustees review the condition of the building on a regular basis. During the year to 31 August 2024 over £16,000 was spent on the repairs and upkeep of the property.

8
Investments
Year
ended
2024
Funds managed by UBS
£
Listed investments:
Market value 1 September
5,177,329
Cost of additions/Funds invested
1,222,311
Less Proceeds on disposal
(1,200,951)
Net gains/(losses)
602,714
Market Value of Investments
5,801,403
Un-invested funds at UBS
24,119
Total Investment Value
5,825,522
The market value at 31 August 2024 comprises:
Listed investments
5,801,403
Cash awaiting investment
24,119
5,825,522
The market value of investments at 31 August 2024 is represented by the following:
Money Market Time
43,390
Bond Investments
985,549
Equity Investments
3,572,609
Alternative Investments
948,238
Real Estate Investments
251,617
5,801,403
Historic cost
4,698,439
The following investment represented more than 5% of the portfolio:
Key Multi Mgr £ Focused
8.28%
Key Multi Mgr £ Diversfield
8.06%
UBS ICVC S&P500 INDX FUND
8.60%
Vanguard Funds PLC FTSE 100 ETF
6.09%		 Year
ended
2023
£
5,594,569
1,379,472
(1,809,140)
12,428
5,177,329
55,977
5,233,306
5,177,329
55,977
5,233,306
-
883,240
3,201,609
825,920
266,560
5,177,329
4,509,703

Page 16

Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2024

9 Debtors

9
Debtors
Amounts falling due within one year:
Income tax claim
Other debtors
10
Creditors
Amounts falling due within one year:
Accruals		 Year ended
2024
£
1,454
235
1,689
Year ended
2024
£
12,600
12,600		 Year ended
2023
£
1,454
235
1,689
Year ended
2023
£
12,600
12,600

Page 17

Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2024

11 Funds

At
1st September
2023
£
Unrestricted Funds
General Fund
5,143,427
Designated Funds
Fixed Assets
1,775,320
Revaluation Reserve
7,024,680
School Development
101,831
14,045,258
Restricted Funds
Emma Dinata Fund
3,020
Suzanne Chase Foundation
1,170
4,190
-
Total Charity Funds
14,049,448		 Incoming
Resources
for the Year
£
144,076
-
-
33,394
177,470
500
-
500
177,970		 Net
(Outgoing)
Gains/losses on
Resources
investments
for the Year
for the year
£
£
(139,057)
602,714
-
-
-
-
(22,703)
-
(161,760)
602,714
-
-
-
-
-
-
(161,760)
602,714		 Transfers
£
-
-
-
-
-
-
-
-
-		 At
31st August
2024
£
5,751,160
1,775,320
7,024,680
112,522
14,663,682
3,520
1,170
4,690
-
14,668,372

Nature and Purpose of Designated Funds

Fixed Assets represents the valuation of the Land and Buildings held by the Foundation.

School Development represents the fund set up in 1980 by means of a Covenant Scheme, whereby parents execute deeds of covenant in favour of the Governors. The monies are held on deposit pending expenditure. The Fund is intended to finance expenditure not otherwise funded by the School Governors or by Government funding.

Nature and Purpose of Restricted Funds

Emma Dinata Fund represents donations received in memory of a former pupil of the school. The fund is intended to support students who request help with financing extra-curricular activities.

Suzanne Chase Foundation represents donations received in memory of a former pupil of the school. The funds are to be spent on pupils, both current and former, to finance expenditure not otherwise funded by the School Governors or Government funding.

Page 18

Parmiter's School Foundation Notes to the Accounts For the year ended 31 August 2024

12 Analysis of Net Assets between Funds

31st August 2024
Fixed Assets
Net current assets/(liabilities)
31st August 2023
Fixed Assets
Net current assets/(liabilities)
Total		 Restricted
Fund
£
-
4,690
4,690
-
4,190
4,190		 Unrestricted
Funds
£
14,625,522
38,160
14,663,682
14,033,306
11,952
14,045,258		 Total
£
14,625,522
42,850
14,668,372
14,033,306
16,142
14,049,448

13 Related Party Transactions

Parmiter's School is a related party through common control. The total donations granted to the School during the year were £96,838 (2023: £155,626). The donations were for a variety of different expenses including:

Recharge of salaries
Other contributions
Grant for recruitment
Speech night gifts and prizes
Donation - lighting
Contribution towards low income family buses and educational visits		 2024
£
22,704
21,750
34,785
15,049
2,550
-
96,838		 2023
£
15,889
21,750
15,362
20,999
1,080
80,546
155,626

Metro Printing Ltd is a related party through common control with Mr A O'Brien, a Trustee. The total donations granted to Parmiter's School for services provided by Metro Printing during the year were

14 Controlling Party

In the opinion of the Trustees, there is no controlling party.

Page 19

Parmiter's School Foundation Management Information For the year ended 31 August 2024

1
Premises
School Premises
2
Miscellaneous direct costs
Grants to parents
Covenant Fund contributions to the school
3
Other Grants and Awards
Grants to the Academy
4
Investment Management Expenses
Investment management expenses
5
Support Costs
Salary Recharge - Clerk
Salary Recharge - Finance
Salary Recharge - Premises
Accountancy fees - current year
7
Governance costs
Auditor's remuneration - current year
Trustees' expenses
Other governance costs
Total Resources Expended		 2024
£
16,494
16,494
Year ended
2024
£
22,704
33,673
56,377
Year ended
2024
£
30,000
30,000
Year ended
2024
£
18,782
18,782
Year ended
2024
£
12,750
6,000
3,000
4,304
26,054
Year ended
2024
£
12,600
408
1,045
14,053
161,760		 2023
£
156,921
156,921
Year ended
2023
£
15,889
35,000
50,889
Year ended
2023
£
35,840
35,840
Year ended
2023
£
12,766
12,766
Year ended
2023
£
12,750
6,000
3,000
3,276
25,026
Year ended
2023
£
12,600
3,474
1,379
17,453
298,895