2021-03-31-accounts

THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION

ACCOUNTS

31 MARCH 2021

THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION

YEAR ENDED 31 MARCH 2021

CONTENTS

	Page No
Report of the Governors	1-4
Report of the Independent Examiner	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Accounts	8-16
Income and Expenditure Account	17

THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED 31 MARCH 2021

The Governors present their report and unaudited financial statements of the charity for the year ended 31 March 2021.

The financial statements comply with the Charities Act 2011, the Governing Document and 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) published in October 2019.

Charity Name	The Great Yarmouth Grammar	School Foundation
Charity Number	325136
Registered Office	Great Yarmouth Charter Academy
	Salisbury Road
	Great Yarmouth
	Norfolk
	NR30 4LS
Governors	Mr M Boon	Chairman
	Mr A Hollis	Vice Chairman
	Rev A Cadmore
	Cllr A Grant
	Dr B Milner
	Mrs D King
	Dr H Taylor
	Mr C Rowland	(resigned 28 October 2021)
	Mr G Johnstone
Independent Examiner	Mark Proctor FCA DChA
	Lovewell Blake LLP
	Bankside 300
	Broadland Business Park
	Peachman Way
	Norwich
	Norfolk
	NR7 0LB
Bankers	Barclays Bank Plc
	40-42 Market Place
	Great Yarmouth
	Norfolk
	NR30 1LX

1

THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION GOVERNORS REPORT YEAR ENDED 31 MARCH 2021

Objectives and Activities

General Fund

The Foundation’s investment income is used to finance projects undertaken by participating institutions and making grants available to pupils and students within these institutions. The participating institutions are Lynn Grove Academy, Great Yarmouth Charter Academy, Cliff Park Ormiston Academy, Ormiston Venture Academy and East Norfolk Sixth Form College.

Book prizes

The Foundation receives investment income dedicated to prize funds for pupil and student achievements. The Foundation met this objective by distributing its income as prize funds.

Public benefit

The Governors have taken due regard to guidance published by the Charity Commission on public benefit. It is considered that the Foundation provides a public benefit through its payment of prizes to those students of outstanding educational achievement. The prizes are available to all pupils and students within the selected institutions.

Achievements and Performance

The Foundation allocated prizes amounting to £1,396 (2020: £1,369) and grants amounting to £10,740 (2020: £11,180).

Financial Review

The Foundation has a surplus of income over expenditure in the year totalling £8,769 (2020: £11,484) as shown on page 6 of the accounts. There were unrealised gains on investments amounting to £129,378 (2020: losses £32,610). Total funds at the year-end amounted to £1,692,964 (2020: £1,554,817).

Reserves Policy

The policy on reserves is that there needs to be sufficient funds generated from the investments to service the principal objectives of paying Book Prizes and annual grants to the four academies and sixth form college year on year.

As at 31 March 2021, the Foundation had unrestricted free reserves amounting to £84,914 (2020: £14,174), together with Designated Funds of £5,582 (2020: £3,300) and Endowment Funds of £1,300,746 (2020: £1,213,119).

Investment Policy

The investments are managed by the Governors in order to be able to provide grants and support to the institutions and their pupils and students on an ongoing basis

The investments of the Foundation are held in the Charities Official Investment Fund and M&G Charity Investment Funds.

Plans for Future Periods

The Governor’s plans are to continue to undertake the principal objectives of providing Book Prizes and annual grants to the four academies and the East Norfolk Sixth Form College.

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION GOVERNORS REPORT YEAR ENDED 31 MARCH 2021

COVID-19

The Foundation’s Governors do not believe that its’ Assets or Income will be significantly affected by the Coronavirus pandemic but continue to monitor movements on a regular basis. However, it is anticipated that due to the many restrictions that our still in place and may be imposed on group travel in the foreseeable future, the Foundation may not receive many grant applications for extracurricular events and programs. If application are received the Foundation’s Governors will carry out further scrutiny to ensure the Grants are appropriate and possible.

Structure, Governance and Management

Governing Document

The Foundation is registered with the Charity Commission. It is administered under a Scheme of the Charity Commission dated 24 November 1983 as amended on 13 March 2018.

Recruitment, Appointment and Training of Governors

The method adopted for the recruitment and appointment of the Governors is such that the members respectively represent:

The two local Parishes (in Great Yarmouth and Gorleston), The University of East Anglia, The Great Yarmouth Borough Council and Norfolk County Council.

A further four Governors shall be appointed following recomendations by current Governors, who through residence, occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the Foundation.

All new Governors are provided with:

• The governing document of the Foundation

• The latest accounts of the Foundation

• Details of the Charity Commission guidance notes The Essential Trustee “What you need to know, What you need to do”

Risk Management

The Governors acknowledge the Charity Commission’s recommendations that they undertake a review of the major risks to which the Foundation is exposed. This is carried out on an ongoing basis.

Related Parties

This charity is connected with The Great Yarmouth Exhibition Foundation. The two charities have common Governors and are administered commonly at the same registered office. There are no material transactions between the charities and the Governors do not consider it appropriate to consolidate the results as the charities have different objectives.

Organisational Structure

All decisions are made democratically at the Governors meetings.

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION GOVERNORS REPORT YEAR ENDED 31 MARCH 2021

True and Fair Override

The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by charities by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Independent Examiner

A resolution to reappoint Mark Proctor FCA DChA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.

Signed on behalf of the governors on 23 November 2021.

M BOON A HOLLIS Chairman Vice Chairman

4

INDEPENDENT EXAMINER’S REPORT TO THE GOVERNORS OF THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION FOR THE YEAR ENDED 31 MARCH 2021

I report to the Foundation Governors on my examination of the financial statements of the Foundation for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet and the related notes.

Responsibilities and basis of report

As the charity’s Governors you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practices issues on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mark Proctor FCA DChA Independent Examiner Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

11 January 2022

5

THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

NotesUnrestricted Designated Funds Fund £ £ Income Donations 3 - - Investments 4 21,949 3.754 Total income 21,949 3,754 Expenditure Charitable activities 5 (16,269) (1,472) Total expenditure (16,269) (1,472) Net income before unrealised gains/(losses) on investments 5,680 2,282 Unrealised gains/(losses) on on investments 7 42,558 - Net income/(expenditure) before transfers between funds 48,238 2,282 Transfers between funds 12 - - Net movement in funds 48,238 2,282 Total funds brought forward12 338,398 3,300 Total funds carried forward12 386,636 5,582	NotesUnrestricted Designated Funds Fund £ £ Income Donations 3 - - Investments 4 21,949 3.754 Total income 21,949 3,754 Expenditure Charitable activities 5 (16,269) (1,472) Total expenditure (16,269) (1,472) Net income before unrealised gains/(losses) on investments 5,680 2,282 Unrealised gains/(losses) on on investments 7 42,558 - Net income/(expenditure) before transfers between funds 48,238 2,282 Transfers between funds 12 - - Net movement in funds 48,238 2,282 Total funds brought forward12 338,398 3,300 Total funds carried forward12 386,636 5,582	Endowment Funds Prize Other Fund Fund £ £ - - 2,203 - 2,203 -	Endowment Funds Prize Other Fund Fund £ £ - - 2,203 - 2,203 -	Endowment Funds Prize Other Fund Fund £ £ - - 2,203 - 2,203 -	Total 2021 £ - 27,906 27,906
	(1,472) (1,472) 2,282 - 2,282 - 2,282 3,300 5,582	(1,396) (1,396) 807 12,911 13,718 - 13,718 67,324 81,042	- - - 73,909 73,909 - 73,909 1,145,795 1,219,704	(19,137) (19,137) 8,769 129,378 138,147 - 138,147 1,554,817 1,692,964

The notes set out on pages 8 to 17 form an integral part of these accounts

6

THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION BALANCE SHEET 31 MARCH 2021

Notes Fixed asset Investment property 6 Investments portfolio 7 Perpetual rent charges 8 Current assets Debtors 9 Cash at bank and in hand Creditors - amounts falling due within one year 10 Net assets The funds of the Foundation Endowment Other 12 Prize funds 12 Income funds Designated 12 Unrestricted 12	2021 £ 789,225 804,827 2,663 1,596,715 - 101,885 101,885 (5,636) 1,692,964 1,219,704 81,042 5,582 386,636 1,692,964	2020 £ 789,225 740,509 2,663 1,532,397 5,725 21,173 26,898 (4,478) 1,554,817 1,145,795 67,324 3,300 338,398 1,554,817

These accounts were approved by the Governors on 23 November 2021.

M BOON – Chairman

A HOLLIS – Vice Chairman

The notes set out on pages 8 to 17 form an integral part of these accounts

7

THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

1. General information

The charity is an unincorporated charitable foundation, registered as a charity in England and Wales. The address of the registered office is as detailed on page 1 of the accounts.

2. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

(a) Basis of Accounting

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation:

The accounts have been prepared using historical cost basis as modified for certain assets at fair value, in accordance with 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) published in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity constitutes a public benefit entity as defined by FRS 102.

(b) Fund accounting

• Unrestricted funds are available for use at the discretion of the Governors in furtherance of the general objectives of the Foundation.

• Endowment fund is invested in charitable bonds in order to produce income, which is then spent on furthering the charities activities.

• Designated funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

(c) Income

All income is accounted for on a received basis, except for rent charges and other income, which are recorded on a receivable basis.

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

(d) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• Charitable activities comprise those costs incurred by the Foundation in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

• Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Foundation and include accountancy fees and costs linked the strategic management of the Foundation.

(e)

Investments

Stocks and shares quoted on a recognised stock exchange are included in the balance sheet at their mid-market value at the year end. The differences between market value and the original cost of the investments are shown as unrealised investment gains or losses and transferred to the statement of financial activities.

Property investments

Property investments are included in the balance sheet at the market value, based on a valuation carried out by Aldreds Chartered Surveyors on 1 December 2017. The land continues to be included in accordance with the 1958 valuation, as the Governors are not able to determine the precise value without incurring unnecessary costs.

Programme related investments – properties

Properties leased to further the charitable objects of the Foundation have been recognised based on a valuation carried out by Aldreds Chartered Surveyors on 1 December 2017. Details of the valuation are in note 7 to the financial statements.

• (f) Grants payable

Grants are awarded at the discretion of the Governors and are accounted for on a payable basis.

• (g)

Cash at bank

Cash at bank includes cash and a short term highly liquid deposit account.

• (h) Creditors

Creditors with no stated interest and payable within one year are recorded at transaction price.

(i) Going concern

The financial statements have been prepared on a going concern basis as the Governors believe that no material uncertainties exist. The Governors have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Foundation to be able to continue as a going concern.

The trustees have considered the impact of the COVID-19 pandemic in making this assessment.

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

3. Donations

Unrestricted Designated Endowment Funds Total Funds Fund Prize Other 2021 Fund Fund £ £ £ £ £ Donations - - - - -	Total 2020 £ 3,125

During the year £Nil (2020: £625) of donations was unrestricted, £Nil (2020: £Nil) was restricted and £Nil (2020: £2,500) was in relation to endowment funds.

4. Investment income

4. Investment income
Unrestricted Designated Endowment Funds Funds Fund Prize Other Fund Fund £ £ £ £ Rental income - 3,754 - - Bank deposit interest 86 - - - Investment income 21,863 - 2,203 - 21,949 3,754 2,203 -	Total 2021 £ 3,754 86 24,066 27,906	Total 2020 £ 3,300 21 24,680
		28,001

During the year £21,949 (2020: £22,614) of investment income was unrestricted, £3,754 (2020: £3,300) was allocated to designated funds and £2,203 (2020: £2,087) was in relation to the endowment fund.

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

5. Charitable activities

5. Charitable activities
	Unrestricted Designated		Endowment	Funds	Total	Total
	Funds	Fund	Prize	Other	2021	2020
			Fund	Fund
	£	£	£	£	£	£
Grants – individuals	240	-	1,396	-	1,636	1,369
Grants - institutions	10,500	-	-	-	10,500	11,180
Governance costs (see	below) 5,529	1,472	-	-	7,001	7,093
Total expenditure	16,269	1,472	1,396	-	19,137	19,642

All grants payable to individuals are made to their respective institutions for passing on to the relevant pupils and students.

Grants payable to institutions represent amounts committed by the Governors to the participating institutions.

During the year £16,269 (2020: £18,273) of charitable activity expenditure was unrestricted, £1,472 (2020: £Nil) was allocated to designated funds and £1,396 (2020: £1,369) was in relation to the endowment fund.

Governance costs

Unrestricted Designated Endowment Funds Fund Prize Fund £ £ £ Examination fee 2,100 - - Legal and professional - 1,472 - Honorarium 2,700 - - Miscellaneous 729 - - 5,529 1,472 -	Funds Other Fund £ - - - - -	Total 2021 £ 2,100 1,472 2,700 729 7,001	Total 2020 £ 1,794 (75) 2,975 2,399 7,093

During the year £5,529 (2020: £7,093) of governance cost expenditure was unrestricted, and £1,472 (2020: £Nil) was allocated to designated funds.

6.

Investment land and property

Investment land and property
	As at 1	Revaluation	As at 31
	April 2020		March 2021
	£	£	£
Flat Lynn Grove Academy,
Gorleston	28,125	-	28,125
Land rear of Northgate Street,
Great Yarmouth	100	-	100
	28,225	-	28,225

Land and property were initially revalued in 1958 at market value with existing use basis by a professional firm of surveyors. The flat at Lynn Grove Academy was revalued on 1 December 2017 by Aldreds Chartered Surveyors and is now shown at market value. The land continues to be shown at the valuation of 1958.

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

6. Investment land and property (continued)

Programme Related Investments – Property

	As at 1	Revaluation	As at 31
	April 2020		March 2021
	£	£	£
Lynn Grove Academy,
Gorleston	500,000	-	500,000
Great Yarmouth Charter Academy,
Great Yarmouth	261,000	-	261,000
	761,000	-	761,000
Total investment land and property	789,225	-	789,225

The property investments above are included in the balance sheet at the market value, based on valuations carried out by Aldreds Chartered Surveyors on 1 December 2017.

The market value of the freehold property of Lynn Grove Academy has been valued at £500,000. This value is derived from the current land value deferred by a period which acknowledges the Supplementary Agreement which allows the academy to occupy the land and buildings on a 2 year rolling period. The land value is £200,000 per acre at 1 December 2017 and therefore the value of the entire site prior to deferment is £1,000,000.

The market value of the freehold in the property of Great Yarmouth Charter Academy is £261,000. The depreciated replacement cost on the assumption the school could be rebuilt for £10,000,000 at an adopted rate of 8% over 30 years is £993,000. The valuation figure is derived from a 30 year deferment of the current land value at 1 December 2017, being £1,500,000.

7.

8.

Investment portfolio Cash Investment 2021 £ £ £ Market value 1 April 2020 65,880 674,629 740,509 Additions - - - Investment Income 78 320 398 Transfer to current assets (65,458) - (65,458) Revaluation Gains - 129,378 129,378 Market value 31 March 2021 500 804,327 804,827 Cost at 31 March 2021 140,999 Investments are represented by the following material holdings:- COIF Charities Investment Fund 86% Charibonds 7% Charifunds 7% Cash held for investment at the year end amounted 0% to £65,958 (2020: £65,880) Perpetual rent charges (valued at 10 years purchase) 2021 £ Valuation 1 April 2020 and 31 March 2021 2,663

2020 £ 769,912 2,500 707 - (32,610) 740,509 140,679 77% 8% 6% 9% 2020 £ 2,663

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

9. Debtors Grant refunds Other debtors 10. Creditors – Amounts falling due within one year Due to institutions for Prize Fund income Sundry creditors Other creditors	2021 £ - - - 2021 £ 2,779 2,700 157 5,636		2020 £ 5,600 125 5,725 2020 £ 1,383 3,000 95 4,478

11. Governors Remuneration

The Governors were not entitled to and received no remuneration or expenses from the charity during the year for being a governor.

During the year Mr M Boon received £157 (2020: £534) relating to reimbursed expenses (2020: Acting clerk and Chairman services and expenses). In 2020 Mr M Boon donated back the clerk’s fee of £500 to the Foundation.

12. Funds

Endowments Prize funds Individual prizes Victor Stowers prize AAC Hedges prize Other	Movement in Funds Balance 01.04.20 Net income / transfers Unrealised losses Balance 31.03.2021 £ £ £ £ 39,420 - 8,181 47,601 16,638 462 2,705 19,805 11,266 345 2,025 13,636 1,145,795 - 73,909 1,219,704 1,213,119 807 86,820 1,300,746	Movement in Funds Balance 01.04.20 Net income / transfers Unrealised losses Balance 31.03.2021 £ £ £ £ 39,420 - 8,181 47,601 16,638 462 2,705 19,805 11,266 345 2,025 13,636 1,145,795 - 73,909 1,219,704 1,213,119 807 86,820 1,300,746
		1,300,746

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

12. Funds (continued)

Endowments Prize funds Individual prizes Victor Stowers prize AAC Hedges prize Other	Movement in Funds Balance 01.04.19 Net income / transfers Unrealised losses Balance 31.03.2020 £ £ £ £ 40,705 - (1,285) 39,420 16,610 453 (425) 16,638 9,042 2,765 (541) 11,266 1,165,060 - (19,265) 1,145,795 1,231,417 3,218 (21,516) 1,213,119	Movement in Funds Balance 01.04.19 Net income / transfers Unrealised losses Balance 31.03.2020 £ £ £ £ 40,705 - (1,285) 39,420 16,610 453 (425) 16,638 9,042 2,765 (541) 11,266 1,165,060 - (19,265) 1,145,795 1,231,417 3,218 (21,516) 1,213,119
		1,213,119

The prize funds were established to provide income for annual book prizes to be awarded to outstanding pupils and students.

The other endowment funds are from donations to the Foundation together with monies re-invested from ground rents disposals and other income and property owned by the Foundation. The fund is represented by investments and investment property.

		Movement in Funds	Movement in Funds
	Balance	Net income/	Unrealised	Balance
	01.04.20	Transfers	gains/(losses)	31.03.2021
	£	£	£	£
Unrestricted Funds	338,398	5,680	42,558	386,636
Designated Funds	3,300	2,282	-	5,582
	341,698	7,962	42,558	392,218
		Movement in Funds
	Balance	Net income/	Unrealised	Balance
	01.04.19	Transfers	gains/(losses)	31.03.2020
	£	£	£	£
Unrestricted Funds	344,526	4,966	(11,094)	338,398
Designated Funds	-	3,300	-	3,300
	344,526	8,266	(11,094)	341,698

The unrestricted funds are to provide financial assistance to participating institutions with approved projects and grants to deserving students.

The designated fund represents funds allocated by the Governors towards costs related to discussions regarding property matters at Great Yarmouth Charter Academy.

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION NOTES TO THE ACCOUNTS

YEAR ENDED 31 MARCH 2021

12. Funds (continued)

The above funds are represented by:

Unrestricted Designated Funds Funds £ £ Tangible Fixed Assets 28,225 - Investments 270,834 - Property - - Perpetual Rent Charge 2,663 - Debtors - - Cash and bank 87,771 5,582 Current Liabilities (2,857) - Total Net Assets 31 March 2021 386,636 5,582 Unrestricted Designated Funds Funds £ £ Tangible Fixed Assets 28,225 - Investments 293,336 - Property - - Perpetual Rent Charge 2,663 - Debtors 5,725 - Cash and bank 11,544 3,300 Current Liabilities (3,095) - Total Net Assets 31 March 2020 338,398 3,300	Endowment Funds Prizes Victor Stowers AAC Hedges Prize £ £ £ - - - 47,705 15,774 11,810 - - - - - - - - - 2,675 4,031 1,826 (2,779) - - 47,601 19,805 13,636 Endowment Funds Prizes Victor Stowers AAC Hedges Prize £ £ £ - - - 39,524 13,069 9,785 - - - - - - - - - 1,279 3,569 1,481 (1,383) - - 39,420 16,638 11,266	Other £ - 458,704 761,000 - - - - 1,219,704 Other £ - 384,795 761,000 - - - - 1,145,795	Total 2021 £ 28,225 804,827 761,000 2,663 - 101,885 (5,636)
			1,692,964
			Total 2020 £ 28,225 740,509 761,000 2,663 5,725 21,173 (4,478)
			1,554,817

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

13. Connected charity

This charity is connected with The Great Yarmouth Exhibition Foundation. The two charities have common Governors and are administered commonly at the same registered office. There are no material transactions between the charities and the Governors do not consider it appropriate to consolidate the results as the charities have different objectives.

14. Related party transaction

The following prizes were paid and payable to school at which the Foundation’s Governors were Governors:

			2021	2020
			£	£
	Great Yarmouth Charter Academy – Appointed by the Foundation - Mr A Hollis, Mr M Boon
		– Appointed by the Academy – Dr B Milner
	Prizes and grants		4,227	611
	Amount payable at the year-end		616	611
	Lynn Grove Academy	– Appointed by the Foundation - Rev A Cadmore, Mr C Rowland
	Prizes and grants		3,000	1,000
	Amount payable at the year-end		399	394
15.	Financial instruments		2021	2020
			£	£
	Financial assets
	Measured at fair value through net income
	-Other Investments (note 7)		804,827	740,509

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THE GREAT YARMOUTH GRAMMAR SCHOOL FOUNDATION INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2021

Income Donations Charities Official Investment Fund Charibond - income shares - accumulation shares Charifund income shares Rental income Other income Bank deposit interest Expenditure ADMINISTRATION Legal and professional Honorarium Miscellaneous AWARDS AND GRANTS Individual Annual grants Ormiston Venture Academy East Norfolk Sixth Form College Lynn Grove Academy Great Yarmouth Charter Academy Surplus income over expenditure	2021 £ - 17,949 1,008 320 2,586 3,754 - 86 25,703 3,572 2,700 729 7,001 240 - 4,500 3,000 3,000 10,740 7,962	2020 £ 625 17,973 941 331 3,348 3,300 - 21
		26,539 1,719 2,975 2,399
		7,093 380 7,175 2,625 1,000 - 11,180
		8,266

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