## **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.
2
## **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.
3
## **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**
|Notes**Unrestricted 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 forward**12
338,398
3,300
**Total funds carried forward**12
386,636
5,582|Notes**Unrestricted 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 forward**12
338,398
3,300
**Total funds carried forward**12
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.
8
## **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.
9
## **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.
10
## **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.
11
## **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|
|---|---|
12
## **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|
13
## **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.
14
## **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|
|||||
15
## **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|
16
## **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|
17