Company Reglslratlon No. 01521751 Charlty Regl$tration No. 510809 LEICESTER GRAMMAR SCHOOL TRUST TRUSTEES, REPORT AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 LEICESTER GRAMMAR SCHOOL TRUST CONTE Legal and Administrative Infonnation Report oflhe Board of Trustee5 {incorporatiTrJ Ihe Strabi¢ Report) 3-14 Irmlependent Audital8 Report to the BO8￿ of Trustses 15-17 Statement of FInar￿al ActiMIi8S 18 Balance ￿eet 19 Cash Flow Ststement 20 Note8 lo the A￿Unts 21-37 TERG mln Inf(wm The Trustees of Leicester Grammar S¢hod Trust are aso company directors, and ¢8rry the r83pongbiliti8s accorded to them by the Charfty Commission and under Company Law. ￿Y have all served In office throughout Ihe year exceptwhere N￿lCated.. Mrs E M Bail Mrs J Bums IVic8 chalr. Academic) Professor D Cartrnell (8ppoInt￿l 16 November 2020) Mr S G8SZtow¢z (Chalman) MrD C Green Drs E Hadley Mr M J Holley {WKe chak, Financi811 Mr N J M Imlach Dr D I lTr maklng recommarKlations to the Board. Th& Finance and General F￿rpOSeS Committee is chaired by a Trustee who is not Chairman of the full Board. The Bursarfes. Scholarships and pu￿1¢ Benefft Sub Committ88 meets lo review appliL*¥)ns and pollcy In detsil al least Ivite e8ch year. The Health and Safety Ccrfnrnltte8 meets per temi and rgvtews health aTrJ safety pclldes 8fKi proc•dur8s at all thr80 &*oJl5. FTHE 80A TR TEES FOR THE YEAR ENDE In Y 2021 The Nomlnations and Goven*nce Committee maets Bs and when requlred. tKrt Usualty once a year. It considers the com￿￿on of the Board and applicatr¢K)s from prospective Trustees. The Salaries Review CIMnmlttee meets periLxlically to considw salari8s payable to the Senlor L8ader5hip Team. The day to day Nnning of the schools is ddegated to the respecfve Heats supportsd by their Senior Lead8rship Teams togetherwlth the Directorof Flnance and Oper*ions. The Head Teachers and the Director of Fin8nce and OF*rati￿$ Jttend meetings of the Board and its ¢ommlttees and sub Key Man8g8ment Personnel we ¢on$idered ￿ be me Prfndpal and Headmastsr of Leicester Grammar Schod, the Director of Finance and Operation5. Ihe Heads of Lelcester Grammar Junlor School arnl LGS Stoneygate. arKi the Deputy Heads of Leicester Grammarschool. The remuneration of this seruor stoff group Is determined by Ih8 Salaries Rev￿ Committee of th& Board of Trustees th refwence to appraisal rerajrds and benchmarking. Charftabl• Ob]e¢ts Thg Trusvs Objects. as 88t out in ts MemoraThJum and Arttcles, are the a(fvancement of educati￿. tlyough a sthool or 8choo18. run accordwig to Chrtsuan prindfv. Alm ond lnthnd￿ Impact fjthin these Objects the Trust's aim IB to provide an excallent education for pupll8 of high acad8mic abilty, regardless oftheirfinancial me8ns. The Trust aim$ to provide forthe puplkn. ggn8ral in8truction of high stsndprd and qualty, including physical. moral and rellglous educ8Oon 8nd to prowde an onvronm8nl %there eath sx4piI can dgvelop their t*nts to the fvll. OblgCtlvg8 for th• Year In setdng objectives and plannlng aclivthe$ the TnJstee8 have giv8n careful consider8tton to the Charity Commission's general guidan¢eon publ￿ benefft and, in particular. to its supplementsry PUt4lc bBn&fit guldance on edU￿￿0Th and on fe0￿￿¥91ng. The malntenance of aCad9m￿ progrBS5. undwplnned by irKli?Adual pastoral ￿re and a strong sen86 ofcommunity, has been a key focus. A(xdemk excellen¢e is complemented by an 8mphasis on sport, art and muslc. ensuring a rounded educalion fty puplls of all ages. The Trust remalns o)mmitted to enrolling able thildren from all ba¢kgrounds regardless of ablllty to pay A key obiectlve for the Trust for2020-21 wa8 to maintaln pupil numbers and parerrtal confKl8nce durlng th& unprecedented period of managing the impact of the Covid 19 p8Nlemrc on the sthools. Trust alms to play a fijl part Sn Ihe lrfe of the I￿81. reglonal and INJeed natlonal comnwnlty. Stratsgi05 to Achiav• th• Yeaffs ObJectlvos The Truststss wothed wlth senior leaders lo 8n5urE that pup118 made good 8¢adomie progress durfng the pandemlc and that examin8tion candidates were therefore well prepwed for final 8ssessmgnL There has been an increased fiKus on teathlng and le8ming strategies. and a new Slxth Fomi pmgramme IAsplr8) was introduced in September 2020. Remote18aming and t￿hIng have 8180 p￿￿ded unforeseen opKwiuniUes to anh￿ce lh8 use of techndogy. Provlslon of meons4esled bursaries ranalns a high for the Trust in or(ler to ensure that the 8chool is access1￿e to pupils from a wide tange of backgrounds. The Trust cOn￿nueS to Seek fundlng LEI ESTER G F THE BOARD OF TRUSTEES inc YEAR ENOED 3 Ic JULY 20 for addition81 burs8rios and has a subsidi8ry compgny, LGS EnterprtS￿ Um1t￿. whlch was established to generate additional incx)me. The TnvJlees ¢onlrnue lo to raise the profile of the schools in order to altract application$ f admission from able ￿didateS. The Trust continue5 to woJk h8rd to create links Mth local s¢h¢)ols and the ￿1 community, parbGu18rty by maknng its faolities avallable to other lo¢al group8 and organisations. Some of the58 athities have been sustdned remolety during the pandemic. PrIn¢l￿1 A¢tlvltle• of the Year The Trust prinapally p￿deS ed￿tion to boys and gyls from the age of 3 to 18. The Tnrst conUnue5 to operate three schools. of the s¢hools are based on 8 shwgd slte In Great Glen. Lelceslershlre.. Leicestsr Gramm School f￿ pupll8 aged 10-18 ofKI L8lcest8r Grammar Junior School for pupi15 awl 3-11. Durfng the year L￿ceS18r Grammar School averaged 85912019-20.. 8391 pupil$ and Lei¢ets Grammar Juni Schwl aver8ggd 400 {2019-20.' 3911 pupils. Both schoo15 continue to operate broadty at C8P8dty wth th8 growlh in the senior S￿￿01 pupus following a COn¢ert￿ Increase in admi85ions acuvlty during 2019-20. In May 2016 1h8 Trust acquired the trade arKI a5seiB of Stoneyg8te School. an ind6pand* CoèduCa￿On8l preparatory schwl also slbjated in Great Glen, Leicestershire on 8 separate 45 acr8 sfte. During the ye8r Stongygate averaged 190 {2019-20'. 166) pupils. The sthool offers high-quality 8duc*tKln a dlstlnctive ettr*Js. supported by attentive wvemance and management provided by the Tr The sbekome Increage In pu￿1 numbers 8t stoneygate regjlted from clarffkalion and redefinltton of the senwjr Schwl curriculum And more intensNe admissions acuwty and marketing. It Is the intention of Trustees to increase th8 pupil roll further and, follovAng a review, Ihe sthool has been re-branded from Soptembgr 2021 as LGS Slon6ygale. Trustees have planned lo inve51 in the 5chwl, and capltal projects over the next year Include a new Food Room arKI a new muNi•urpose hall sched￿e￿ for completion in late 2022. 2020-21 has been another complex year o*ryng to the Covld 19 pandemic. Thg Trust has managed its finances carefully ¢)ver the last year. tsking 8dvantage of further Gov8mm8nt support. athough muckn morg Ilmllod. through Iho coron￿ruS Job Relention Schem8 and by retaining th8 Coronavirus Business Interruption Loan Scheme (CBILS) fvnding of £4 million borrowed in June 2020. A surplu$ ¢ommn8urde V￿th the need to maintsin inv8Stment in our pupils, education was 8ti11 aChI￿ad. The C81L3 funding was dgomed a prudonl me8sure to er￿Ure the Trust had a buffer lo cO￿ter any dDwnsNJe-rfsks atslng from economic volatlllty Sthseql￿71 to th& h881th crls15 cauBed by Covld 19. Foll￿￿ng the January 2021 natlonal lod(down. the Trust passed on to parents th6 savkngs m8d8 during the period of closure. Parents were agaln supported through Indvithal fe8 dafarral arrang8m8nts and the offer of addlllonal hardship bursary fundlng. The Twst is confrdent that the scho￿8 wll continu8 to attract able pupils. This Is a Tesult of continued efforts to maintsln the academ￿, postor81 arKI CO•curricular stsndanls for whKh the s¢hools have bgcome known, rJ)ntinued invest￿t in farAlities and orvJolng efforts to markot the sch¢J)18. Our Eth Trust Is a charity whith seeks to benefft the pulJi¢ through the pursuit of its stated 8im5. Fees arE 58t at a level to ensure the flnandal viabilty of the schools and at a lovel vthich Is conslstent with th8 aim of pr￿Ing a Ilrst-class education to boys and grls. LEICES HOOL TRUS F THE BOARD OF TRUSTEES THEYEAR ENDED in the JULY 2021 The schoolswelcome academicalty 8bl8 puplls from all baGkgrounds. To admit 8 prosp8Ctwe pupil the schrxsls need to be satisfied that they ￿11 be abb to educats 8nd develop that prospective puiil lo the b8sl of their potential and in line the general stsndard5 achreved by their peers. Pupils wlshlng to I￿n tha Grammar School are required to srt an entrance exam and puplls wishing to loln Leic8stsr Gramrnar JunK)r Scho)l or LGS Stoneygate undergo 8n assessment. Both fomis of assessment are deslgned to satisfy the school and the parents that the potential pupil ¢8n cope wth Ihe pace of leaming and b8n9frt from tha educallon provhled. An indrivJual'$ ￿onC￿lC 8latus, gendgr, ethnkty, race, religKJn or dIS8￿lIty thj not f￿M part of the assessment process. The 8th￿1$ are ¢CAnmitt¢d to safeguardSng and promo1ing the waware of pupils 8nd 8xp8ct all slaff and volunteers 10 share this cornmitmenL The schools ¢arry out appropriate bathgrourKI Ch￿kS of adults vkno come into contact vith pupils. Thts s¢hools maintain regular cont8Ct wth parents through the year InclLKling holding parents evenings. issuing end of lemi reports, arKI sending home regular Tho TnBt Is sn equal opportunlty organi¥ation and18 committed to a enwronment ￿lch is free from any lonn of dlscdmlnation on the grounds of colour, rac8, ethnicity, rellglon, sex. s&xual orientati¢M or disa￿lIty. Dl8abled employees The Tru51 faolitates the efftployment of dlsab18d persons and provides, wherever possible, tr8lnlng. development and promollon. Wher8 employaas t)￿rne disabled whllst in servt¢o, every effort Is made to rehabilitats them lo thgir fornw lobs or some other 8￿table 8ltem8fv8 and provldo appropriate trainlng and specx8iist advtce. Accem Poll¢y It is import8nt that access to tho education prO￿ded by the Trust and to its f*iiue$ 1$ not restricted to those can afford the fees. Th8 Trust b8lieves that all puplls be￿fft from learnlny within a d￿￿Se ¢ommunty. The Tru8Vs bur$8ries policy, logather with links wlh bGal state schools and other organi8ation8 which have aGGess to th8 TrusV8 faciliti88, contrbuto lo a wmlening of accg8S. Grantwmaklng Pollcy The TrLtss Mgwlhe bursary a￿ardS as essential in helplng to ensurp Ihat childrgn from families vthl r)uld nOt0th￿se be able to 8ffordthe fees can access the educ8tTon on offer. Bursaries are availab to all prosppLINe pupils pass the entrance exam tojoin the Grammar School in years 7 an(1 above, and are mada solely on the bosis of parentsl means. Bu￿arfes are also avallable to 8￿$ting pupils vthose lknancl81 arcumstan￿ change and whose abilty lo remain at the school is under threat. for exwnple due to Parentsl redurKlancy. From September 2018 Ihe bursaries scheme was extended to also Indude pupils joining LGS Sloneygate In yew5 7 and atr•)va. In assesgng a burs8ry application the Trust takes a Nmber of factor5 into conslderation. indudlng family income, ag8ets held, investments and savlngs, and the number of dependents. However. th Trust does rn)t have a larg8 endovrtnent or exiensive reserves to draw on. In ftjnding bursary 8ward8 the Tnjst 15 mindful of the ne&J to ensure a balan¢e betsveen fee-paying pergnts. many ofwthom make considgrable personal sacrifices to fund their ¢hild'8 education, 8nd thos8 benefitlng from the awards. Th8 Trustees are 81so mlndful of the requlrement for carefvl finanoal stwdshlp al a time signthcant ffinanclal ￿mMItMents have been tsken on. Bursary 8ward8 vwyfrom 10%10 100% of faes and are re-ossessed on an annual basls lo take a¢¢ount of any changes in th8 famity's ffinan￿aI situation. Information about fee assistance is available In th8 ospeclus 8TrJ on the sthool websits, as ￿11 as belng advertis￿ In th9 bcal pre$$ and else%ther8. form completed by applScants indudes a bDX to tick. to Indicale simpty that the applicant wsh8s to be considered for a mean8 tested bursary. TER GRAMPIAR SCH F THE BOARD OF TRUSTEES incor oratin FOR T ENDED 1 JULY 2021 The Trustees have also set UP 8 sub commlttee of the Finan¢e and General Purposes Committge.. Ihe Bursaries. Scholarships and Publlc Benefit Sub Committee. Thls sub committee rewews. monttors arKI advises on the Trust'$ Public Benefrt role. particularty devek)ping th9 provision of means tasted bursarfes, tathg into account the Charilles Act requrements and Ch8rity c￿nMI5S1on guideline& During 201 ￿20, an oddltionaj Corona¥irus Hardshlp Bursary Fund was ostsbllshed to support Parents imp8ctsd by cO￿d 19, either he8hlFwise or flnanctalty. Volunteerg Old Leicestrfans, Frtends of Lwc*stw Grammar School. Friend8 of Lerce8ter Grammw Junior School and the Stoneygats Assc¢i8Ion pro￿ded support. advice and enrfthmenl oppcfftunities during the year, as well as hefping fvndraising and organising socaal and ¢)Jllwal events. The Board is gratoftA to them for thelr contlnuing and v81uable sUPPOrt for Ihe schools. TEGIC REPORT Revlew of Achlevem ndpo Operntlonal Porform•nc• ol th• schoDIs Subs8quent to the nece5srty for C8nlr6 Ass6388d Grades in 2020. publlc examinotlons in 2021 were replaced Teachw Assessed Grades owlng lo Covkl 19. The Gr8mm8r School malrrtained rts high academlc stan(thng. At GCSE level, 83% of resdts graded be1￿￿9n 7 arKI 9. At'A'18vel bl).5% of ￿8(lOS ￿re ot A". B, and 74% atA"IA grade. LGS Stoneygate recorded its second set of GCSE results in 2020-21. vAth IcKI% ofTeacher Assessed Grades at 4 or alThe and 50% of results grad￿ between 7 9. LeiGester Grammar 8nd Leic8stsr Gr8mmar Junlor School urKJerwent a Focussed CompliarK8 and Educalonal Qual￿ Ins￿ction In Nov8mt*r 2019. Th8 schools were f(yJnd to be fijlty ¢omplhqnt vith the Independent Schcol Standard8 Ragulalion8 and were judged 'Excellenl' in th8 IV￿ EQI calegor {pupils' aGhiw8m8nts and puplls, personal devekpment). Leicester Grammar Sch￿1 was a150 namod E8St Mldlands Independent Secondary School of the Year 2020. During the ye8r ended 31 Juty 2021, lh9 value of means tested bursarfes awarded to pupils totslled £719.OCQ (2019-20 £759.000}. Thls figure induded burs8rl&s worth £36.CiJO (2019-20 £28.000} funded by external benefactors. Thevalug ofmeans t&sbJ bursarfes r6pregented42% oftha gross fee income of the TNst {201&20'. 4.6tsA). Durlng year, 16 puplls recglved a 100% bursary12019-20: 11 pupils). A fvrth8r 26 puplls rac8lved bursaries of betr￿n 80% arKI 99% offees1201&20'. 26 pupils). Furiher awards totslling £103,000 (201￿20.. £160,000} were made to pupil$ at Lelcester Gramm8r School Tn481 in the form of scholarships. The Trustegs. policy 15 to make thes& awards on the basis af IndSvidu81 ability and potential. The Trustees have a stated aim of gradualty reduclng the tol81 valu8 of scho18rships In favour of gradually kncreaslng the number and value of means tested bursaries. A full complement of staff qualifie(I to ts8ch their respective subjects was In pl￿e throughout the y68r at all three of the Tru8Ys schools. Th8 support staff positions were similady all filled. Publlc b•n•fft- Contrlbullon lo tho Gommunmy In 202[￿21 the Twst continu&J to con1ribute lo Ihe local and wder ¢ommuiyty where ￿8$[ble. desptte the Comd 19 pandemlc, however many ofour usual events ￿ere not able to go thead due to the limilations on so(#81 mlxlng. Tha schools provided the followNJ a¢tivid6S.' TER FTHEBO FO F TRUST YEAR E Ch8ritabl8 proiects, examples inolude: C￿￿ne coKert& carwasling arKI Inter-house sportlng compotilons lo fvrnlraisè for Ralnbows H05PiCe. Huge support for the Rainbw H08pKg 'Vlhern's ft bin7, ¢ampagn, requesting donat￿n$ for items that could sold in chority Bhop6. ristmas Shoe Box don8tions to the YMC Chrlstmas c8rds and messages of 5UPPOrt to r*re home reSI￿ts tn the local ￿M￿￿nIty. Diwerse list of charflles supporte(l ¢)v8r the year through ftJrKlraising and Yaising gW8r8noss $u¢h as Macmillan, Pets as Therapy, Ralnbows Hospice, Cancer Rosa8rch UK. Age UK. Ihe Jubilee Food Bank in Market Harborough, ts Motor Neurone Dr5ease Association and tha Royal Brftlsh Legion Poppy Appeal. Pupil$ have been engaged In lundraising wlth each House choosing a to supporL Food bank don8ttons, Harvest food collec1ions and Easter Egg collections forvarfous charithes. £10,000 was raised for th8rtdes during the year as well 88 ThJmerou$ Individual thritablg proJects led by puplls for charities of th91r choice. EdUca￿On81 partnerships. exanples include: Initi8tives with local maintslned school (Manor High School). inClud￿g Reader Leader and Maths Mentor ¢atthvUP tutlion. GCSE S￿dY skills sessions run by Year 13. Year 11 and Year 10 pupils 818 IOLXI maintalned 8th001 (man(￿ Sehooll Comrnunlty sepAce. examples Include.. Communty Se￿Ce perfomied by the Duke of EdinI￿rgh Award 6bJdents and eub fom communlty servrce programme. Placements In care homes, prfmary sd)¢cls. tharity shops as wEII as volunbw5 offering telephone support via th¢ Age UK beftiending S8￿Ce pupllsworking frcth hom8 to wpport the Mart(et Harborough Mus8um. Support of tho National CiUz8n Servi¢e programme. Faalities. Muslc and Sportforthe Community. 8tthough impact&l slgnificanfy intheyeA¥ovlng to Covid 19 restriclons, examples Indude: Community use of school fadlthes ￿ $ports. muslc, dr8ma and gener81 use. Our 8wmmiry knlibes conttnue to used for lesson8 by tha l￿der local ¢ommunty arKI v host competitive swimmlng dubs. We continua lo partner the Bardi Or¢hostr8. The ordwtra benefits from rehearsing at the sch¢xJl. Each year the orche8tra gives 8 concert at tha Grammar s¢hool h811. The Trust r￿rded a surplus of£1,209,000 (201￿20 £254.000) durfng the year. The sU￿u$ achi8ved Is ojnsidered satisfactory forthe Trustto enable investrnent8nd efficierw for repaying debt. The 2019- 20 surplu8 bYdS Signiflcsnty Impacted by fge dis¢ounts folknwlng the18nglhy period of Ic(k(kn￿ owing to Covld 19 Tot81 Incorne increased by £1,456,0￿. from £16,757,000 to £18.213.000. The higher pupil numbers conlrrbuted stgnfftanty to thls Increa58 and 2019-20 in¢lud8d a dlscount to faes in the Trfnlty Te owngto 19. LEICE MMAR SC REPORT OARD OF THEY In DED 1JU Investmgnt Pollcy Thèfinancial objecllveofthe Trustees is to malntaln the real vahjeof the Tru$V$ 0$$ets￿Il8t gen8r8ting a stable and sustainable retum to help fund the charws actwities over the k)ng temi. Thg Truste85 ew1he Investment poI￿Y on a regular basi5. At the yw end the Tru6V8 inveStm￿ts ￿ClUded £423.000 {2019-20: £358,￿10) of investrnent assets held within an Investment portfolio m8nogBd by Br6wn Dolphln. The Finance and General Purposes Commlttee 1$ tharged agrg8ing a suitable asset alknation strategy the investsnent manager wh￿h 18 sel with the aim of achie￿ng Ihe TrusY8 overall investment objeCt￿eS. This strategy would refiect Ihe Brthn Dolphin risk category &6.. low to m¢xlerate Investment risK to moderats inve$tm&nt rlsL The Trustees adopt an 6thlcal Investment policy so that tho Trust's a8s9ts are invested in line with rts aims. Speuficaliy. the Trustee5 would not ￿sh to be investsd In COM￿[8$ tst obtsln more than 10% ofthoir tumover from in￿1VeMent in the military or amaments. Th9 Trust 81s0 owns an inveslment propety valued at £250,000 vthich is bt out on 1he Op￿ market. This rgsldential prowty was acqulred In May 2016 as part of tha Slonoygftts Sthool $its. Furiher sh¢ term investrnents ara held In the fonn of bank deposit accounts. DuAng the year the Trust recorded gain on investments of £61.000 {2019-20.. deficil of £11,WO). plus bank and other interest receivable of £21,000 (2019-20.. £29,000) and a firt￿r £7,000 ofgains on irwestsnents {2019-2tr. £7.IXIO). Rl•k M•nagemwrt Trustees are responslbletrthg management of tha rhks faced bythe $￿c￿lIS. Risks are Sdent5fied d as5eBsed and controls estsbllshed throughout the year. A formal risk register k% in place and 15 reviewed and updaled on a regular basts by the Senior Leadershlp Team and roviewed by Fin8n¢e & General PLYposes Committee. The principal risks and uncertaintigs Klenttfied in the Trust's risk registor irKludo'. Recruibng suffiGient able pupils into the schools each yearln orderto maintsin tha pupil roll and therefore f88 income in line ft>recast. Maintsining fees at an affordable level. wfrilsl Me￿n9 risiro costs Indudng pension ¢ontiibuUon5 for leaching staff. rep8wng the bank loan and comptying the b￿k C*Mnants. and continuing to invest In the facilities available lo pupils. To manage Iha hearth and safety ￿Sk& The need to continu8 to recruit top quality staff remain5 a high prf￿. Thè Trustees remain Mgilant vAth regards to chlld weffare. Extemalflnandal risksare kept underreview byth&Trustees including the potenllalfc*(a)angos lo tax leulslation or thgnges to the treatm￿1 of chadties. Key controls used by the Chadty Indude.. Formal agendas for all Commhtae, Sub Committ88 and Boa￿ 8ctsvity. Detailed terms of reference for Board Commlttee8 and Sub Commlttees. Comprghgnsrve str8teglc p18nnlng. budgeting and management acCoUn￿ng. Est8blished organisational strucbjre and lines of repordng. Fomial writtgn polws. Clear 8uthorFsat￿n and approval levels. Vetting procedur88 as required by law for the kYdecttDn of the ¥uknerabla. Through the risk management proce88es eststrAi$hed for the Trus( Ihe Trustees are satIsfi￿1 thal the m8lor risks identsfied have been adequately mllgated where necessary. It is recognlsed that systom5 can onty provtde reason8bl6 bul not absolute assurance that mai(v rlsks have been adequately managed. ChArlty Fundrnl8lng The schts)I has not made any fundraising app￿19 lo Ihe general publlc during the year, aNJ Is unlikety to do so in the fuiure. Thera ha8 been no outsourc8d fundrnising wdessional fvndralsers or other MAR SCHOO F ThE BOARD OF TRUSTE R THE YEAR EN LY2021 third pardes. As a result the charfty is r#)t regithd wrth fundralslry regulator and re¢elv&l no fundrai8lng complaints in th8 yoar. Refjerv￿ Pollcy The TNste8s alm to hohj fvnd$ whkh are suffiryent In Lyder to fiind opwafjonal requirements and ftthre development. The Trn￿tees are mlndful of the n￿1 to malntain a level of reserves which enables the organisation to respond to arcumslanc85 and mitigate risK Induding ensuring ojmpliance with the tsms of th8 bank loarn. The Trustees ￿0W Ihe reserves poli¢y i)n a regular b8sLs. Th8 wlicy was revised In 2019-20 su¢h that the Trust alms to hold a minimum of £2m {c8sh balances) at all limes. Th8 value of and Invoslments held al 31 July2021 was £7.9m (2020: £7.3m). RefieC￿n9 I￿ease(l resources io mltigats risks arising from Covld 19. At the end of the year the Tru8Y8 totsl reserves were £14.796.000 (21Y20'. £13,587.otIO}, indudlng £14,003.CrfJO (2020.. £12.815.000) of unrestricted funds. £29.00012020.' 23.000) of reslriclgd funds and £764.00012020.' £748,000) ofendDwm8nl funds. The Trusfs total rewve$ Indthje £28.383.OW (2020: £29.231,000) vthich coukl only be realised by dlsposing of tangible fixed assets. The Truste¢$ remaln eonfidenl that the Trust Is able to meet Its fInar￿la1 oblMJations as they fall (￿. 8$ well as condnulng to invest In th8 fabric of thè buildlngs and the facilibes and equipment r8quSrod to provide an excellgnt oducation at the Trusys schools. The Trust hokls srgnrf￿tint cash reserve$ and continues to gener8to an annual Surplus after meeting Its flnanclal oblig8tions and Is fore¢asl to conbnue to do so. Thg TnJst8es are confidgrt based on the Trusys Eound finan¢l81 position that the Tw5t ￿1) ¢onlinue 88 a going c￿¢X￿M. Paym¢nt pracllc•g The average numberofday8 taken to make payments tothe Tru5t'$ suppl￿Tr in the wwas 3512020.. 31). The percentages of payments made wthin th& yearlthich wère p8ld.' %•Athln 30 days w85 41% {2020: 55%}: betsyeen 31 and 60 days was 61% {2020.' 35%).. #nd after 61 days or longer wa5 8% {2020.' 10%). The percentage of payments due wtlhin the reFthng perfod V•we not paid In aweed tomis was 9% (2020: 2Ph). G•nd•r pay gap rnporthvd The Trust's gap for mean h¢)uty rates of pay 815 April 2021 wa$ 13.8% {2020'. 14.2%) in favour of mab employees. Th8 medlan houty pay gap at 5 April 2021 was 14.3%12020: 14.4%). Tho pay gap is impacted by the diversty of employed rok5 wthin the Trust and Is kept under wew on on annual b8SiS. Communl¢atlon Effectlve communicatK)n ernployees is of v6ts1 Smportance and both Trustees and senior management pro￿de Infomiation to, and consult ￿, staff on mattets that affect 1hem. indudlng finanwl matter8. io LE TERG L TRUST TEES YEAR ENDE inco ratin LY FOR 21 Envlronm•ntal matters Carfoon Rèport. UK GrMnhou80 gas •mt88lons and gn•ryywusa data Enwgy ¢onsumption used to ealcwlate emlssions {kWh) D Gas D Electricity 2.3J9.972 942,613 Scope l emlsslons in melric tonngs C02e G85 consumptk)n ￿1￿9￿ transport- mini-buses 508.22 12.52 Total Scope 1 Scope 2 emlssions in metrlc tonne8 C02e Purchased electrnty 219.76 So)pe 3 &mi5Stons li meblc tonnes C028 Busine￿ travel In employee vehides was InslgnTfKanl in the year. Total gross emlsslons in metsic tunrw C02e Inten8ty Tonnes C02e per pupll We have follow8d the 2019 HM 13)vemment Env7rMmenlal Reporbng Guldellnes. We h8v8 also usad the GHG Reporting Pffjtocol - Corporate Stsndard and have the 2020 UK Govemmgnvs Conversion for the Company Re￿￿ng. The chow ￿tensity measurement talio is totsl gross émissions in m8trlc lonnes C02e per pupil. the recommended Trtto forthe sector. The Trust Is committed to mlnlmlslng th8 impact th8t rts operalons have on the envlronment and provldlng 8 safe environment for its 8tsff and pupils. A pupll ￿-grOUp meets to svgge51 iniliatives and the schools are conscious of ewdng the schools lake a proactive view on 8nMronmentsl matters. Sub8ldlary Company The Trust has a wholly $ubsldlary compwry, LGS Entsrprises Llmlled. This ¢ompary undertakes eommerclal actimties In order to gwarate fijnds to gfft to Lelcester Grammar School TrusL Stratagl¢ Pl•nnlng The Trust Develowient Plan for the three yews ending 31 July 2023 affimi8 the maln aims ofth6 Trust as being.. The Lelcest¢r Grdmmar School Trust seeks to be an insplrfng centre tr co-education81 •xeall8nce in academic and personal develoF*nen( within a Chrtsuan ethos. Tho schools select puplLs for gnty In accordanoe thfjth published admls8lon prrxedvres. li TER GRAM F THE BOARD OF TRUSTEES incor FO R ENDED 31 J Th& Trust remalns committed to malntslnlng Its position a$ a leadlng pffj￿der amongst co4ducation81 day schtxA5. The key obJ8cUves ￿thin the Plan, whlch are supported by sc4KK)18clton plan5 are.. Future Plannlng At a $￿tegY aw8y4ay In March 2020, 8 2030 Wslon was shared and agreed by Trustses. Each of our sthools wll hav8.. Excellent academi¢ oUt￿me9 and co-cunicular opportunities. Innovalfve teachlng and le8miro supported by a digital strategy. A fOrwar￿00kIng and slmulab'ng Curri￿lum. environmentsl focus with outstanding fa¢l￿be$. An inlgrnalronav global outtook Eath of our Schools will bo: n￿CIalty sgGure and adequatsty Ilexlble to invest in developlng our pu￿1$ and staff. A communtty with clear ethos and values. A communtty where well-being Is promoted. A communlty whth Pri￿l￿seS publlc b￿￿ffit and outr&ath. Th? Tru8Vs misslon stslement arnf th8 81ms of Lerce8ter Grammar and Lelcestsr Grammar Junior sch￿1$ vrnre ￿Sed.. The Lercester Grammar Sch¢Jol Trust seeks to te an insp￿ng cgntre for co*ducalional excellence in demlc and perscfflal devdopment. within a Christian 8lhos. rammar In ordor to lulfil thls mlssion, the sdwl alms to: Promote Intell￿tUal curlosty and ac8demlc 8xc911ence. Provlde a broad, bal8n¢ed and stimulating curriculum. Offer a rfch range of CL￿m¢U1ar Oppor￿nItIeS which enhance pu￿rs. ￿thYSICal, cuMLnl and Personal development. Equip puplL8 wlth the sew-beliaf. a￿SIderatiOn arKI skills requlred ftffa prin¢ipled 8fKt fi￿llIng Create a happy and mutU811y-supPort￿ commimty of leamer8 and staff, In whtch each Indiwdual is encouraged and enatled lo do and be thelr besL CarE for the mentsl and emolional I￿l-beIng of puF418. and be FrfO8ctivg In the promotion of healthy 11f8s￿e. WelcLJme pupils of dlvers8 ba(*grounds and lalths. nurturfng thelr social and spiritual development Foster a generous ¢ontrlbJllon to charity, communlty servlce and 50oety. nlor In order lo fvfftl thB mwK*n. the school aims to.. pron￿)te IntslWial curiosity and 8 Iwelong love of188ming. Offer an exten5Na range ofeyriences broaden the (yjniculum and d8velop Ihe pupil. Create a 5￿Mulab'ng. happy and supporbve Mmmunity where eath pupH is allowad to fiouri5h. Care ￿ the mental arKI emotional well*elng. promoting a healthy Ilfe8ty18 and nurturlng s8W- Enable Ihe mor81 and spiiilual well-telng of ea¢h pwil to grow and thriyo. 12 TER RAMIJIAR SC ST REPO THE BOARD OF TRUSTEES incor FORT DED 1 JULY Wisron: Tha school communitF88 vA1htn the Trust will thriva through.. Insplrlng I￿rnIng (Teachlng. leamlng and attalnm•nl) Foster increa8ed dlscussion of ts&hing and laarrIr￿. ￿￿th consbtent implgmentalion of best pra¢ti¢e EnGourage re8ourceful learniThJ which Tesutts In besl-p086ible 8ttalnment Stlmulatlng curriculum Icurrfculum and ¢0￿CUlumI Ensu￿ 8 cuthwlum which best prepar85 pupils for 8 future of challenge and adve￿re Foster healthy ¢trcurrlcular p8rtic1p8t1¢￿ by all members of the schwl community Cwe and communty (Pupils, well4•lng. SUPPOrt and guldonce; 8taff prol•ssloMI d&v8iopm8nt and ￿*114)•1ng) En$LYe best depbymgnt of pastornl reS￿ree to address pupils, needs Bec>Jme incr8asingty rec￿jn￿*ed as o ¢>)mmurtyvthtch cares d88ptyforpupi18. Staff and others Appo81 ond outreach (Markotlr¥J. •dmlsslon8. outreach, fundralslng and ¢ixnmunlcatk*n$) Formulate and Implement marketiNJ and fundr8lslng p18ns Bo an ethicalty aNI en￿ronments1￿ reswnsible member of our local, national and global mmunities Envkonment and provltslon (Re8owc•s and fodlhl•s} Ensure adequate fundlng to refurbish and develop fadlSfje8 according to ￿Uc￿lon9l nead Confimi and fully dfrvdop digitsl stralegy TER GRAM L TRUST REPO F THE BOAR FOR TEES Inco ENDED 31 21 Trusteos, Res nslbilrtios Statoment The Trustees (who are also drectors of L8lcestsr Grammar School for tho wrposes of company lawl are responslble for prep8riThJ the Rewt of Ihe Board of Trusteos and the financial ststaments in accordance applicab18 law and regu18tions. Company18w requlres the trustees to prepare finanry81 statements for 68r* finandal year. Under that Lgw the trustees have elected to prepare th8 fina￿401 st8t8ments in accordance wth United ￿ngdorn Generally Accepted Accoun11ng Practice {Unit8d langdom Accounlng Stsndards and appllcable L8w) induding FRS 102. the Financial Reportlng Stsndard appllcable in the UK and Republic of lrnland. Under company law the trustees must not approve the I[nan￿8] stslem8nts unle55 thay are sallsfied that they give a true and falr vivw of tho stats of affairs of the charitable ￿rnPanY and of the incoming resources aThJ appllcation of reswrces. Induding tho income arKI expendFture. of the Charitable cc*npany for that period. In preparfng th880 ffin8nci81 stataments. the trustees are requirod to: sdect sultable accounting polldes and then apKty them consi61th; observ8 th8 methods and prfndples In Ihe Charities SORP IFRS 1021,. makejudgmgnts and accounting eslmates Ihat are reasonable and prudent $lats %thether applic8blo UK Accounting Standards have been fOlk￿yed. subject to any m8terfal dep8rtures dlsdos&J arKI explained In the finawal statsments" prepare the financAal statements on the going concem basis unless It is inappn)priate to presume that the charftable company will conllnu8 in business. The trustees arg re8ponslbl8 for keopvu adequate accountwig records that are SLrflklenl to show and explain the charitalAe cL¥np8nYs transact￿6 and dksck)5e with reasonable accuracy at 8ny tim8 the finandal posluon of the company and enabl6 them to ensure that the tlnancial statwonts comply with the Companies Act 2006. They ar8 also resF¥)nsible for safeguarding th8 8ss8ts of the thtaritabl company and h8nce for taking r888on8ble stsps for the prevention and dgteGtion of fraud and other irreguLqrlties. The trust8￿ conffimi that.. so far as oath trustee aware. th8r8 Is no relevant audlt Irrfomiation of vknith the charitabla ¢ompany'8 auditor is unwNare', and the trustees have taken all the steps that they ought to have takgn as truste¢$ in order lo make themsafves aware of any ￿levant audit inf￿atiOn and to estsblish that the charitsble company'8 auditcff 1$ aware olthal Infomatlon. Tho trustees are responslble fortrte m8lntenance ir)tsgrityof the corporate and flnanrA* infomiatlon included on the charitable c￿￿panY'S web5rte. Legi81alion in the United Kingdom governing the pr9paration and dissemlnadon of financial ststements may drfferfrom legisk7tion in otherJurisdictions. Approved by the Board ofTruSt￿3 of LelcesterGramm8r School Trust on 6 D8cember2021. includkng th8 Stratgglc Report cMtaIn￿ therein, and 8ign8d on its behalf by: Mr S GaSzt0￿Cl Chaimian of Trustees 14 EPENDENT AUD LEICES T TO THE BOARD MMAR SCHOOL TRUST TRUSTEE Oplnlon We have audited the finan￿81 ststements of LeiGe$tsr Grammw Sth*DoI Trust for the year en¢Jed 31 July 2021 which compdse the Statement of Financlal Activitias, the Balance Sheets. the Cash Flow StatementarKI rjolesto the finanThal ststements, Including 8 summary of signifi¢ant accounlng pdictes. Thefinandal reporting frpmeth that ha5 been applied inth91r preparalion Is appl￿ble law and UTr￿8d lQngdom AccountiThJ Stsndards. Induding Finandal Reporting Stsndard 102. The Financial R8porting Stsndard appllc&bl8 In the UK arKI Republlc of Ireland (Unitad Kkngdom GenwdlyAcC￿pted Accounting PracticAg). our opinion. the firranci8151at8rnents: gwe a true and fair view of the stste of th8 tharitable company's affairs as at 31 July 2021 and of the charitable campanys net movement in funds, including the incomg and axpendituré. for the year Ih¢n ¢nd8d', have been prop8ty prepared in a¢c¢xdance United Klngdom GeT￿rallY Acc8pbJ AC￿unting Pryddce,. aThl have been prepared In accordance wlh the requlrements ofthe Companies Act 2006. Basis foroplnlon W8 conduct8d our audit in acs)rd8nce vAth Intemational Standards on Auditing (UK) IISAS (UK)) and appllcable law. Our respOn￿bIll￿eS under those standards are furthgr de5(xibed in the Auditorfs responsibilities for the audit of the finanrial ststements soction of our reporL We are independent of the tharfty In accordance Imth the èthlcal requirements that are rethnt lo our audlt of the finanrjal slatsmenls in the UK, Indudlng the FRC'S EthrAI Standard. and we have fuffiNed our other ethical responslbilities in a¢￿Idanc6 wlth th8se requirgments. We believe that 1he audit ewJenc8 we have c4)tainad is suffident and appropiiaie to provlde a basis for oplnlon. Conclujlons rolatlng to golng ¢onc•m In auditing Ihefinoncral slalem8nls. we have con¢lud8dthatthetrustees' us8of the goirvj Gonaarn basis of accounting in the preparation of the financ4al statements is approprfate. Ba8ed on the work we have perforn)ed, we not Identlfied ￿ materol un¢ertalntie8 relating to events or conditions thaL indMduaI￿ or collectlvgty. may cast significant doubt on tho charitable company's abilty to continue a8 a going concem for a perbd of at ￿ trhelve months from when the fin8noo1 statements are authorised for Issue. Our responsibilities and the resE￿ibil￿es of the trustees wth rospoct to golng concem are d8scrbed In the relevant sections of thi5 fBPOrt. Othor Irrforn?•tlon The trustees are responslble for the other infomauon. The omer InforMa￿an comprises tho Infomialion included in th8 Trustees, Report. Our opinion on the financial statemènts does nat cover the other infomalion arKI, except to the extent olherwse expllcitty stated in our repLvt. we do not $xpress any form ofas5uw¢e conduslon thereon. In connedon ouraudit of ts finandal statements, ourr8sponsibility 18 to read the otherinfom8tton 8nd, In doing so, o)nsider ￿ether the Other information is m8terialty Incon8islent ¥￿th the finan¢ial statements ¢x our knowledge obtained in the Budit or otheThAse appears lo be rnatsrial￿ misstated. If we identify SLKh mal8ri81 inoonslstenaes or apparanl malerial misststsments, we are requlred to détsrmlne whether thare Is a material misstatement in tho finandal statements or a material rnisstalem8nl ofthg Other infomation. If. ba8ed on the wJrk we have [￿formed. we cond￿Je that there is a materfal misststement of thls other informati￿. W8 8re required lo reportlhat facL We have nothlThJ to rgport in this regard. 15 IN PENDEprr AUD LEIC REPORT TO THE BOARD OF GRAMMAR SCHOOL TRUST OplnlonB on oth•r matters pr•s¢rlb•d ty the Companlm Act 2006 In our opinlon. based on the work undertaken In the course ofth8 audrt the inf0m1at￿n given in the TN$t￿. RepLwt Iwllich indud88 the strabjle report and the directors. report prgparad for the purp08es of company ￿w) for the financial year fOr￿ICh the Ilnancial st81ements are prepared 15 consistent wlth 1he finanrial ststements; and thg strategic rewt and directors, repDrt included wthin the Trustees, Report hav8 been epared in 8ccordance with appllcalle legol r6qulrem8nts. Matt•rs on whlch w• are roqulrod lo r•port by •X￿ptIOn In the lightof thg knovAedge and understsThJing of the charftable comp8nyand its an￿rOnment obl8lned in thg course of the 8udrt. we have not idtrntff￿d malgfiel misstatarnerts in th8 Trustees, Report (which Inc<)rporales the Stratsgk rep)rt ofKI the directors. report). We have r)othlng tt) ffjport in r88P8Ct of the follo￿￿ng mattars In relation to whlch the Companles Act 2W6 requires u$ to report to yw rf, in our opinion: adequate *co￿tIng rttords have not been kept by the charitable comp8ny, or the charrt8ble ex>mpany fin8ncid statements ar8 not In 4reem8nl wilh the a¢xounUng re(x)rds arKI relums.. or certain di$GIosur05 of trustees, Temuneratlon Specffied by IJW 8r8 not made. or E have not recelved all the uifomiation and 8XPtanation$ we requlre for our audt., or Re8ponslbllltlo8 of trusteeg for th• flnanclal stat•ments A8 explained more fully in the Iru8tees' responsibilities $latement 8et out on pago 14. th81rustees (who are elso the directors of the charit8￿8 company for the purp08e5 of company lawl arn reSpo￿blO for the Fffeparaticffl of the financial stslements and for ￿Ing s8tisfi8d that they give a true and fair vlew. arnl for such rrtemal conlrol as the trustees detemiing is necessary to enable the preparatlon of finandal statements that are fr90 from material misstatgment. whether due to fraud or érror. In pr8p8rlng the finandal stalements, ts trustees are resFwsibl& for assessng the charilat48 company's ability to continue as a going concem, disclosing. as applicable, matters related lo going on¢em and uslng the going ¢onc8rn basis of accourrting unless the truste8S gilh8r int8nd to Ilquldate the charftable company or to cea88 opwallons, or have no realislic 8ltemaUv8 but to do so. Audltorfs rosponslbllltlol for th• aud￿ of th• flnanclal stat•monts Our otiectlves are to obtsin reasonable essurance ab¢￿rt whether the financial statements as a whole are free from matefial mi88lalemenl, whather due to fraud or error, and to i8sue an auditorfs report that Includes oplnh)n. Rea8on8bl8 assurance Is a hlgh level of oS5urance. btrt is a guaran188 that an audit conductsd in accordance vthh ISAS IUKI will always delect a m8terlal misstatement when il exists. Misstatements can arise from frdud or ern)r and are considered material rf, indlvtdually or in the aggreg8ta, Ihey could reasonably be eX￿t$d to Influer￿ the economic d¢¢i$lons of users t*en on th8 basls of these finand81 statements. Irr8gularities. indudlng fraud, a￿ Instances of non-compliarte wth laws and regulation5. We deslgn prcceduras In Ine with our respM8ibilities, ouuined above. to detect motsri01 mlsstatements In respect of irregularities, includlng fraud. The extent to whk* our pn)cedur8s are ￿pablO of dete¢ting Iwegulariti85, Indudng fvaud is dgtsiled below. Based on our understsndlng of the th8ril*)le C(￿panY and the emronrnanl in operates, we Identlfied th81 the prfncipal rt5ks of non-complian¢e ￿th laws and r8gulalrons related lo the regulatory r8quirem8nts of the Charity Commission and tr* IrKJepend8nt Schools Inspectorate ￿nsIdered the extont to vthKh non-compllance might have a malerfal effect on the financial sl8t8rnents. We also considered th08e law5 aThJ regulatlons that have a direct impact on the preparation of the finanual statsments such 8S the Compani88 Act 2006. the Chariknes Act 2011. payroll tax and $818s tsx. 16 NOEPEN UDITOR'S REPORT TO THE BO ESTER GRAMMAR SCHOO Wg evalu8t•d Tytanagemenfs incenlNes and opportuniti88 for fraudulent manipulatlon of the finan¢l81 stat8mgnts {Including the rlsk of override of ts)nlrolsl, and determlned 1hat Ihe prfnclpal risks related to posting Inappropriate joumal entries to revenue aTrJ management bla8 in 8cixJuntlng estimates. wocedures performed by the engagement team induded: Obtalnlng confirmation and corroboratirvj ￿dence that ther8 have been no rogLdatory or tax complrance issues . Dis¢ussion$ with mar￿ement and rovrthv of relèvant minutes of tru*ees' meetings includir considerallon of known or $uspectsd Instanc*s of non-complt8ncewlth law5 and ￿gulatIOn aThl fraud., Evaluat¥￿ man￿eMenv3 controls deslgned to pravent and dèteLt Irregulariti88.' IdentifyirvJ and tssting joumals. in partlcular j¢)umal ontrfes posted by unusual user5 or wlth unusual descrfpUons', and Challengng 855umptions and j￿jgernerts made by m￿agement In thelr criliL*I accounting esllmates. A further des¢xpUon of rnsponsibillll8s fLY the audlt of the finan¢01 statanents Is locatwj on thg FIna￿l81 Reporting cour￿f3￿1b8rt8 aL" www.frc.o .ukla n￿bil￿e Thls dgscrfption fcwm8 part of our audiws rewL 1180 of our r•FK*rt Thls report is made so18ty to the tharltsble companys members, a8 a body. in acc￿dance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit th has been underteken so Ihat V•e mighl stale to the charitsble compan￿$ membgr5 those matters we are required lo stale to Ihem in 8n Auditorfs report and for rKJ other purpose. To the lullest extent pemiittgd by law. do not accept or assume responsibilify to anyono olher than d)arital￿8 company and th& ch8rltable compw￿$ member8 as a body. for our audit vffjrk. for thls reFrtrt or for th8 opinions have fomied. 6 December 2021 Steven Harpgr {Senlor Statutory Audltor) for and on behaifof Haysmactye LLP, Statutory Auditor 10 Queen Street Pl London EC4R 1AG 17 LEICESTER ORAMIAAR SCHOOL TRiIST STATEMENT OP VINAMcfAL ACTMIIE8 FOR TrE YEAR ENDED 31 JULY 2f21 Tol•l 2021 Noi•s Funds Fun Fund• INCOME FROM: T￿￿on fees 17.234.7fj2 17,231752 15,008,314 49.373 430.157 139.792 100.081 159295 180365 SuTrJrylnDJm• 180,465 3.511 7,376 21.430 120.133 7,439 28, 392.663 BarttaTrJ olh8rlntar8St 11,770 109.800 10.333 Totsl lTrBom• 15 18 12, 16 758 TIB EXPEMDMIRE ON: 17.08￿1 10,397 ISM34 17,W.282 70.4W2,46T Tol•l 4￿￿nd11u[* 17 038,261 NETIN￿m￿[EXPFtl￿TvREl BEFORE INVESTMENT GA114SIILO8SE81 1.142,585 1,148,621 264.321 G•hwYloM••)tyi In¥Mtm8ni8 15,Q82 60.553 10,578 NET INCOME AND MOVEMENT IN FLf4DS 1,181056 15.082 1209.074 2S3,743 Fund bolgrw at 7 W2020 12.815.105 23,140 la.￿.690 13,332.937 FUND BALANCESat 31 JULY 2021 14 161 754 l amounts rBlotstD LXYrthJkng adkl8ts. Al r8r4nlg8d g8lns and1ts81•1 ¢urrontand prforyear8re Induded In the fjlthnwt offiMndo1 •eM￿s. Th• a¢cun￿n￿r9 rwJte8 frjrm p4rtofthM• flrwndo141aternen TM profftbrlha swrln a¢￿ar￿ Ccmp8rth Ad2GIX1$£1.14Q5211202tr. £284a211. 88P8rate InDJrn• ac•J￿1 h88 ￿ ￿K1￿1￿j on Ihe th￿tha d￿ST81￿ L*l￿n n•t InMnK• 8t• aLw)Yo aTrJ ￿fftl0rts for Corrwnkn Art purwse8 & knma￿. 18 LEICESTER GRAMMAR SCHOOL TRUST BAIANCE 8HE AT 31 JULY 2021 2020 FLXED A8SET8 TarrfJStle assets Inv8ther 10 11 28,282,574 29.231,301 29.055.859 29,838.864 CURREKfASSErs Stock of o)nsLThatles 13,794 663,137 23,658 12 Gash at bank and In hgnd 8,152,453 7,994.903 CREDITORS: Amounts famlng due whhln one ygar 7.276 2243.708 NET CURRE1￿ ASSEf8 4,945,177 5,751.195 TOTAL A8SETS LE88 CURRENT LNBILITIES 34,IX11,036 35,590.059 CREDrrc￿s. Amounts falllng duo after mor• than one y 14 {19205,282} I22,(￿.379) MEf A8SEf8 Tho funds of1￿ charfty are represwrtwj ty. ErK*Jv+TnenLfund8 IreStrfc￿) R85tr1ct8d fvnds Unrastricted funds 763,517 29.076 14.003.161 748.435 23.140 12.815.105 13 586 680 19 The aLX>)LW)ts wwe and aulhoris8d ts Iswe by the Board (* Trust￿$ on 6 DKerter2021 arKI thelr beh8ff ty. . J. HOLLEY CoTh4Mny RIghtr￿an No. 01521751 Thp nctss fom part ofthase finandal ¥iatements 19 LEICE8TER GRAMMAR SCHOOL TRUST CASH FLOW 8TATEMENT FOR THE YEAR ENDED 31 JULY 2021 Not ta#h Infi¢¥wfmm Net￿th provided by actlvlUe6 o) 1765,312 1,422,574 Pa￿nts fortarvJlbb fixed assets Inv8Btrnent bank InterestreceNed 1352,7481 28,805 1340,0081 174.6231 89,454 182.4881 82.WJ2 1329,1101 1>)3,1881 New l)0[￿n9 In tha y8ar R￿n￿￿oI10r￿O fenn loan 1,793,820 Nat ¢a%h Injyrnmfln￿dng 2.206 180 Ch8rvJe In cash •rl cash equ￿￿ Sn the rqK)rttng WKJd k.867 3,325,S69 G*1 c85h ewfvaknls at the beglnnlno tsfth* Fwlod 8,972.655 3.847,086 Ca8h and wh equ￿lents atthe end ofthe repytlng 7.475.522 6,972,855 {1) RECONCIUATIOP4 OF NET IKIVEMENT IN FUNDS TO NEf CASH FLOWFROM OPEIIATING AcnvmES 20 20 Nèt mv•rn8nt in fuTrJ8 12Cq,074 1,201,473 253,743 1.217.598 111.7g91 1209,0531 197,915 136,408} 10,578 Dec¥e*el{InrxeaJel kn sbJd( t)erxg8sellintreasel in debkns InrTrgse in cr&YitLYS Bank thtwestr8c*v IGairrJP1066es on Investrnen 5.453 180.6531 1422 574 {11) An•lTrfs of c•8h and ca•h equl¥•*nts 2021 2020 7.475.522 6.972.66S Tot•1 cabh and ¢•sh ¢qulvalonts 7 475 522 6.972.655 LEICESTER GRAMMAR SCHOOL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 1.AccouiillMG POUCIES prfndpal aGGounting pollcle8, Lrf wthich have t*8n 8pplled consisknty tr￿jghout the year and In Ihe prec¢ding year are: 8) Basls of Accountlng The finanGial statern&nts have been prepared kn accordance Accountlng and Repordng by Chorthes.. Slatanènl of RecommeTrJed Pracllce applicabl9 to chariti68 preparing their accounts in acsNdanGe the FIr￿ncl81 ReForbng Standard appl￿ble kn the UK and Republic of Ireland IFRS1021 {Charities SORP SecoThJ Edition, effective 1 January 2019}. th& Flnanciol Raportlng Skndard appliGabl$ n th8 UK and R8publrc of Irdand (FRS 102) and the Companies Act 2006. Lelcesler Grammar School Trust meets tho definltlon of 8 publK benefit enttty under Finandal Reporttng Standard (FRS) 102. A888ts and Ilabilib'88 are In￿￿ty reGogni5ed at historical cost or transa¢tlon value unless otherwise stated In the relevant accounling policy notes. Consolklated accounts have not been prepared on the groLfKl$ of matsridity. b) Crlllcal accounllng J￿￿•ThI$ and key $our¢e8 of eJtlm•tlon unc•rtalnty In tha application of the accounting pollcies, truste8s are r4ulred to make judgemenL esttm8tes. and assumpdons about thè c8rying valua of assets and118bllltie5 th81 are not readily apparent from other sources. The estimats$ and underfyng assumptions are based on hlstrjrlcal experfgnce arwj other factors that are C￿nSIdered to be relevant A¢tU81 resufts maydlffar frDm these estlmates. estim8tes and U￿1¢d￿n9 assumptions are reMe￿*d on an ongoing bas￿. RevSslons to accounting a8￿MateS aro recognised in th8 period in whlch the 8stimat8 Is reMsed rf the re￿st0￿ affects only Ih8t perfod. In the period of the revisron futwe perioJs ￿ the re¥ision affected current and fubjrè perlods. In the of trustees. no 8ssumplons concemlng fuluffj or esttmat*)n unc8rt8lnty affecllng assets or liabilitie5 8t the balanco sheet dote ore Ilkety to result In a matsrial adjustment of thetr 8mounts in the next finandal yew. c) Golng Con￿rn The acKounts have been prepared on a golng concem basls. The Le1￿ter Grammar School TrLtst Board re￿e￿6 tho finandal infomialon for the charftable company and consider whether the charftable company 15 g￿ng conGern for 8 Period of at least 12 months from tho date of approval of th& accounts. After making anquirie5. the twstees have a reasonabl8 expe¢tstion Ihat the charftable company has no matsri81 uncertainties and adèquate re8ourGe$ to continue kn operational extgtence for th8 foreseeable fU￿re. Accordingly, they ￿ntinu9 to 8dopl tha golng concem basls In preparing th8 Annual R8POrt and Ac¢ounts. dl School Fo•s R•c•lvabl• and Slmllar In¢ome Fees rgceiwabl& 8nd olher edLKatlonal income are accounted for In the period In ￿thiGh th& seThlce is provlded. Fees recwvable are stated aftei (1￿Ucting allowances and olh¥ remlsslons gr8nl8d ty the school. Fees rece1￿ in advance of education to be w0￿ded in futsrr8 yaars under an Advan¢e Fee Payynents Scheme contract 8re Induded in liablllUe8 either t*en to income in the term then Us￿1 or refUnd￿J. 21 LEICESTER GRAMMAR SCHOOL TRUST NOTES TO THE Accouiirs FOR THE YEAR ENDED 31 JULY 2021 1. ACCOUNTING POLICIES (contlnued) el Anc111￿ and NoTrAn¢lllary Tradlng Anallary trading in¢ome ￿presents amounts from actimlies to general8 ILy￿S the chantable objects for aX8mple. sch¢)ol refectory sales, coaches lo and from sthool and school trip8. Non-anc¥118ry tradlng inc￿& represenls amounts from actlwues not threcty related lo the th8rftable objects, lor exomple lettings of school facitibe& Income from these actkntie5 is r￿ruSed in the SOFA ￿9￿ the goods are sold or setrvlces p￿￿ded. Q Voluntary •ource8, Gran1¥ and Oonatlon$ Voluntary Income18 accounted for as and when endd8ment adse5, the amount can rellabty be quantrfied and thg economlc benefft is considered probable. Voluntary income fty general purFh)se$ Is accounted for as unresthcted and Is crndlted to the Genernl R88erve. Where the donor or 8n appe81 has Imposed trust law restri¢tions. voluntary Income Tr8 credited to the r818v8nt restricted fund and licoming ondowm8nts are accounted for as permanent trust capital or expendable trust capital. according to wlwher the doTh)r Intends retention to be perm8n8nt ar not Gifts in kind are valued at estlmated open rnarket fdlue al the date of grft. n the ose of assets fv retsnkn or consumption, or at the value lo the 8thLy)t in case of donated servlces or fac4lthes. gl Exp•ndltur• Eyndttwe Is accrued as soon as Ihgre Is 8 (yJntractt￿ obligation or a Ilabllty Is congaered prob8bl6, discountgj to present value for longer term Ilablliiieg. Exwditure is ollocated to expense headings either on a (lirect cost basis or apportioned according to ￿mfj spent. The irre¢overaLle element of VAT is included with the item of expense to sthich it relates. Bad debls are providgj for In acctydence the trust bad debt polky. Thè cost of refurbishing and Lx>nv8rting existing buildngs is Vffltte￿ In the year in whi¢h rt ts incurred except vknere th? us&fvl lrfe been extended. h) Pen8lon Colts The trust P8rlicip8tes Sn the Teachers, Pension$ scheme, 18 8n unfunded govemmant scheme, vthith prowd8s benefits basad on final pensionable pay. The funds of the scheme a￿ separate from the trust, although the trusys share of th8 Schemes cannot be Identifi8d as the schemes 8re muknp8mployer 5chem6s, ar￿ 50 the penslon o)sts are accourrted for as defined contslbLthn sch8mes. The trust 8Iso D)ntribut88 to Other deffned contrlbulkjn pension schemes for noTrteachlng staff. il Tanglbl• Flx•d Amel• and Deproclatlon In accordance %%ylh Section 35.10 {dl of FRS102, Leicesl8r Grammar School ha5 elected to use the carryiThJ value of of the above freehold land and build￿g$ prevr• c•rrfed at a valuation, as their deam&l cost at the date of transition ID FRS102. 1 Augus12014. Tanglble fixed ossgts are state(l at cost I￿ dgprec18don. Where tsnglbl8 fixed assets hav8 b88n 8o]ulred y￿1h th8 aKI of spedfic grants they are indudtrJ In tho talar￿a sheet at cost and depwiated over thelr expected usefvl economlc Ilfe. The related grants are credlted to a rethcted fixed 8ssel fund (In the stalemerrt of th¥r￿lar a¢tiMll&s and caNie(I foward in the bslance sheet). The depreciation ￿ suth assets is tharged in the statement of flnancial acliwties over the expectsd useful eGonomiG life of th& related 888et on a basis consistsnt th the d8predation poI￿y. LEICESTER GRAMMAR SCHOOL TRUST NOTES TO THE Accoufrirs FOR THE YEAR ENDED 31 JULY 2021 1. ACCOUNTING POLICIES (Con￿nued) Depredauon Is p￿VIded at rates calculated lo write off th8 (rt esumated reswJu81 valu8 of each asset based on CLFrrent mathet prices, over Its expected useful Itfl as follows: Fr8$hotd Lqnd Ss not depreciated Freehold Buildings- 2% to 20% per amum on cost C4nputers and equiwnent- 25% on c051 Fixtur85 ond fitOngs- 12.5% to 33% on c05t Lelcester Grammar s(4￿1 Trust exercises I￿19ement In selg¢bon of appropriat8 ratss for depr￿latIOn of fixed assets. and for matters of ImpaiThent. j) FIna￿l•l Instruments Leicestsr Grammar School Tn￿1 onty has fl￿a￿al assets and financial fiabilities of a kind that quallfy as ba¥ financlal Instruments. Ba$1¢ finandal In8truments are Inttialty recognised al transaction value and subsequenty meosurgd at thdr Sett￿m￿rt V91￿ vAlh the ex¢epth)n of bank loans are subsequgnty measured at ¥morUsed cost uslng the effective Interest Meth￿1. k) S•curftlos Invthnts and Fee• In Adv•n Securi1ies Investments Feos In Advance 8r8 c8rtl8d at far Va￿e. whlch Is deemed to be mark&t value as at the balance sheet date. The Inwstment property is induded In th8 finanoal st8t8merrts at marftet va*Je. Unrealisad gains and losses arising on the revaluation of Investments are txedlted or charged to the Statement of Financial ACti￿￿eS and are allocated to the appropriats fund according to the 'ownership' of the underfwng assets. Realised g8lns and kn868s org th8 dfff8renee befv￿en sales proceeds and ¢JF*ning market Ydlue whe Ihe investsnent was held at the baginnlng of the ye8r, or Sa￿ proceeds less cost of purchase where the In￿Str￿ent was 8cquired in Iha year. Unlnvested ¢8sh Is the balance of liquld cash. held as an Invesknert which has not been invested In securilies. 1) 8tock• strtk of gocrfas held for wale are v81ued at th8 lowpr of c05t and net realtsable value. m) Leaslng Commltmènts Assets held under financè leas6s and hire pur(a)ase ts)ntracts are capltallsBd in Ihe b81ance sheet ara depreciat￿ over their usefijl lives or 1he period of the lease Ythichevsr Is the shorter. The Interest el&mont of the ok￿198￿0n$ Is charyed to the SOFA over the p8rfod of the lease. Rentals appli¢8ble to operating leasgs vhere substsnlally all of the benefils and risk$ of ownership remain wlth fhe le&sor ar8 charged lo the SOFA on a strydlght Ilne basis over the lease lem. Lease Incentiv8s ￿ accourrted for ov8r the leas8 tsmi on a str8iqht-lina basis. n) Fund AGcounts En(khwn8nt funds are subject to wific conditions by donors that lh8 ca￿1 must b8 maintained by the chority. EntSJwTnent knnds are fwther sub41￿ded into pemianent and expendable, ￿there requirad by the tsms of the trust. Restri¢t*J funds are subject ID speth corKJitions by donors as to how they may b8 used. The purposes and uses of the restrlcted fiJnd$ 8re set out in thg notas to the financial ststements. Unrestricted fvnds are available for us8 al the di8￿10n of the tr￿8￿85 In furtherance of tha general oblec of the charity and have not baen designated for other purpo888. ol Taxatlon Lai¢x5ter Grammw Sthool Trust 1$ 8 reglstered Ch￿ 8rxl as Such is axempt from income tsx and rprKadon tsx under the w0￿S1onS of Secuon 478 oftho Corporatlon Tax Act 2010. LEICESTER GRAMMPR 3CPIOOL TRUST NOTES TO THE AcCOUP￿S FOR THE YEAR ENDED 31 JULY2021 Nots 2 FEES RECEIVABLE (Unr•¥trlctsd funds) 20 Fees r￿￿¥0￿9 cth)slsts of 18,056.317 16.526.6e8 918.354 15,608,314 Less: ￿r$￿e$ and 17.234.752 Total buwrfes ¥KI awanls Leicest￿ Grammar Trust makes awths to Inthvidual f4milios to suprA)rt $d￿lIng. 2020 From Unre•trIc￿ Fund•: BLwsades Sthd8rShI￿ ond aw¥th 718.875 102.690 821,565 758,423 159.931 918,354 Noto 3 INVESTMENTS. INVEsfMEKf IMCOME lunds fU￿J5 f￿dS Socurliles In¢om• Equities FLxed Int8r88t 3,511 571 3.293 3,293 3,511 7.375 PRIOR YEAR Unr88trlctad lund8 Endow• nds Total 2020 Equllles Fix9d Interest 1.751 1.751 2,547 LEICESTER GRAMMAR SCHOOL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 Nots 4 INVESTMEwfs. BANK AND OThER Ik¥fEREST Unrethcted Restricted furKIs fvnd$ Endo**d fund3 Total 2021 Bank Intere8t Other Interest 11,770 12.251 9.179 9.179 9,660 11,770 21.430 PRIOR YEAR UrTrsMc*ad Reslricted fuNJs Endomvj fund8 2020 Bank Int￿eSt Other interest 2,018 10.779 16.172 18.19) 10,779 18,172 Not• 5 VOLUNTARY ￿uRcEs- GRANTS AND DONATIONS Unrestslcted funds Resthet￿ EndowEd futvJs funds Total 2021 LGS Enterprises Coronavirus Job Retsnlon Scheme grant Small sundry donations 109,500 200 109.500 18,633 16.333 109.800 16.333 126,133 PRIOR YEAR Unr8Strlct8d ftmd5 RestriGtod fvnds Endowed fimds Total 2020 Donatrons from.. LGS Errterpri588 corona￿ruS Job Retenl Scheme grant Small sundry donatlons 13.016 13.016 355,411 355.411 24.226 20.926 358,711 33.942 392,653 25 LEICESTER GRAMMAR SCHOOL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 Nots 6 ANALYSIS OF EXPENDITURE a) Tolal oxpendltwo Staff ￿$ts (note 71 Daprectation (nots 10) Support Total 2021 Charftable •xp•ndkurn Teaching We￿are Premises School a¢hlnstration and govemorK• 8,597.430 703,493 402,245 951,354 77,845 44,511 3,963,103 224.285 185,420 13.511.887 1,105,623 832.176 1.154.603 127,763 532.230 1,814,596 Total expendlturo 10,857.771 1,201,473 5,005.038 17.064,282 SuFPXt Gosts are allocated on the basb of staff headcount b) Govwnon¢o included In support costs 2021 21Y20 Remuner8Uon paid to auditorfor audll services Remunerauon paid to auditorfor non-audit seM¢&S 14,340 4.140 13,800 3,390 18,480 17.1 Lewtw Grammar Sthool Trust relmbur8a8 trustees for out of pocket el￿nseS Induding traNpl sub&stence and acc0modal￿n. where a daim is made. In 2021 no expen8e8 were relmiwrsed to the trustees12020: £Nil exFenses were reimbursed). PRIOR YEAR Surp)rt Costs Tol 2￿20 staff C￿￿ Depreciation Charltabl• •xpendllure Teachirvj Welfare Premlses School admInStrati￿ and g0Vem￿Ce 8,429,440 689.747 394.385 964,122 78,890 45.109 3,865.540 299.936 171.498 13,059.102 1.068,573 610.992 1,132,044 129.477 492,269 1.753.790 Total •xp•ndltur• 10.645.616 1,217.598 4.629,243 16,492,457 26 LEICEsfER GRAMMAR SCHOOL TRUST NOTES TO THE ACCOUP FOR THE YEAR ENDED 31 JULY 2021 Note 7 STAFF COSTS 2021 2020 The aggregate payroll costs for the year wwo.. Wages and salarfes Scdal securffy costs Penslon costs 8.455.248 822,956 1,579,567 ,307,410 818,062 1,522.144 10.857,771 10.645.816 None of the truste8s received remunerallon. reimbwsement of expenses or othw benellts from Lelce8ler Grammar School Tfusl C￿ from any connected bcdy. 2021 2020 Totsl amount ofeThployee benefits (Includlng empwr pen¥lon LvntrtLwtions) of key management pwsonnei 927.313 906.984 The number of hlgher pald empbyees whose annual emo1um￿ts were £80.000 or more was.. 2021 No 2020 No £80.001- £70,0(KJ £70,001- £80.000 £80.001- £90,000 £120,001- £130,000 £130.001- £140,000 £150,001- £160,000 £160,001- £170.001 The avwaga numb8rol employees durkng the yaarv•pre.' 2021 No 2020 No Teathing Offic* ar￿ non.teathlng staff 161 103 154 264 Not• 8 TRUSTEES None of the lJuste6s lor any persons o)nnqded wlth them) re￿1¥￿ any remuneration dudng the other than the transadons notsd In Note 11, tharé wém no other related party transadons durfng the year (2020: None). 27 LEICESTER GRAMMAR SCHOOL TRU8T NOTES TO THE ACCOUP4TS FOR THE YEAR ENDED 31 JULY 2021 Nots 9 TAXATION T￿ Trust 15 a reglstered tharity and therefore no li*iliiy to taxation arfses on its charitable tivibes. Noto 10 TANGIBLE FIXED ASSErs Frn•hold Land and BuHdlng8 Furnfture and Flttlngg Comput• and Equlpment Total At 1 August 2020 Additions Di5posa15 36.533.781 6,657 1.187.110 332,469 170.754) 1,798275 13,620 39.499,186 352,746 (70,754) At 31 July 2021 36.540.438 1.428.825 1.811,895 39.781,158 Deprnclatlon At 1 August 2020 Charge for the year Disposals 7,970,553 939,448 1,357.864 315.804 1,135 (70.754) 10,26T,865 1,201,473 (70.754) At 31 July 2021 8.855,087 1.184,498 1.358,999 11.398.584 N•t Book Volu• At 31 Juty 2021 27.685,351 244,327 28 382.574 At 31 Juty 2020 28.563.228 227,662 440,411 29.231.301 All assets are for chedtable p￿pose 28 LEICESTER GRAMMAR SCHOOL TRUST PIOTES TO THE ACCOUNTS FOR ThE YEAR ENDED 31 JULY 2021 Not• 11 FIXED ASSEfs INVESTMENTS 2021 2020 SKurities In￿SIMe[￿ {11a) Inveslment property (11bl 423,285 250,000 2YJ.000 Total Invosthionts at 31 July 2021 673,285 Nato 110 8•curllleg Investm•nts 2020 At 1 August 2020 Additions at ￿t DSsposal proceeds Realised g8inl{loss) Unrealised gainl(h)ssl 357.562 368.555 74,623 82.487 {69,454) {82,￿2} 14,978) {5.8001 56,055 423,284 357,562 Inv88tsnent kn subsidiaries S•Eurttl•rs Invo•tsnonts at 31 July 2021 423285 357,563 Hlstorlc co•t 315 912 Llslad Investn F￿ed Interest Equlli8s- UK Equ￿S- oversea$ Propelty Other Itwe5trnents Cash 52,403 103.489 168.380 8,787 10.097 14,406 95.965 238.945 10,069 10.159 11.703 423,284 357.562 Investsmnl In subsldlary S•curlttu InvoStThnts at 31 July 2021 423.285 357,563 LEICESTER GRAMAIAR SCHOOL TRUST NOTES TO THE ACCOUP FOR THE YEAR ENDED 31 JULY 2021 Nots 11• FIXED ASSEf IP4VESTMEPWJ {contlnugd) Leicestsr Granmar School Tn￿t 10LVh of the ordinry share capital of LGS Enterprises Umlled a company registered in England and Wo1¢s. The prfncipal 8CtMtes of LGS Enterprises ￿rnited are the hiriro out of the School fa¢iliil&s and the running of café. It is Intended that proflts made by th8 company wll be donated to the Trust unless requlred for the fvrtherar￿ of LGS Enterprf88 Limited￿ own trad￿g actswues. For the yB8r ended 31 Juty 2021 LGS Enterprises Llmbted made 8 ￿ft-8Id donation of £NII (2020.. £NIII 8nd had capitsl and reserv83 of £16.133 {2020: £5.193). Th8 TnBtses provided an knlllal W￿rking Cap￿al loan to LGS Entsrprises Limil&l lo cover essential sel-tup costs and have advanced a further loan to finance the constr￿￿On of Ihe new café. Loans ar6 sewred on the assets of that company. The Trustees have rewempd th8 financial fowsl of the company for futher years 8nd are salsfied that it is a golng and that it is eXp￿d to generats a profit before donations during 2021122 and 1h8reafter. Note 11b INVE8TMEKf PROPERTY 2021 2020 Valuatr)n at 1 A￿U91 2020 250.OCA) 250,0￿) Valuatlon at 31 2021 250.000 250.(KJO Inv8sthent propgrues conslst of Ihe LtrJgelGatelM)U88 pr(ygrty at Stoneygat8 School held for Investrnent purposes and ￿lch are not used In the Tfusl's OV+n acdvlties. primarily a resKlential house vthich is let out on 1he open market L8lcester Grammar SCI￿1 Trust is responsible for improvements 8nd malntenance of the PrOpe￿e9. A foryn81 valuadon of the prop8rttes vra5 prepa￿d by Mr Richard Stsmp MRICS of Prnders Profes$ional & Consultarw SeMc8s Limited as 4 March 2016. The Trustees have 8ssess8d and agraod the valuation oftr¢ propety in 2021. 30 LEICESTER GRAMMAR SCHOOL TRUST NOTES TO THE ACCOUP FOR THE YEAR ENDED 31 JULY 2021 Note 12 DEBTORS 2021 2020 Trade debtors Amowts by sthldiary comp8ny Prepayments and awued income 157.9W2 203,549 301.598 467,639 207,508 323,443 663,137 998,5 Nol• 13 CREDITORS: Amoupifs FALUMG DUE wrrHIM ONE YEAR 2021 2020 Bank loan Tr8de creditors Deposlts Taxdon and stttal secuiity Accruals and deferreKJ inc#)m8 1.743,925 635.047 31.800 207,898 435,958 3,054,428 945.175 691.743 52.786 208.725 269,060 2,167,489 AdvarKe fees (see note 15) 152.848 78,219 3,207.276 2.243,708 Th8 bank108n Is s￿red by a debenture over the a88ets ofthe ¢horlty. Note 14 CREDrroRS: AMOUNT8 FALUNG DUE AFfER MORE THAN ONE YEAR 2021 2020 Bank loan Deposits Advance fees 18.808.W 21,540,915 421,495 19,205,282 22.003,379 Loan maturlty anaFysl* Repayable wlthin 1-2 >par3 2-5 years Over 5 years 1.743,W25 8.072,461 8,992.444 1,011,175 9.769.112 10.760,628 18.808,830 21,540.915 31 LEICESTER GRAMMAR SCHOOL TRUST NOTES TO THE ACCOUP FOR THE YEAR ENDED 31 JULY 2021 Nots 14 CREDITORS". AMouiif8 FALLING DUE AFfER MORE THAN ONE YEAR {contlnu•d) Thg company has l*Y) b8nk loans. These are so￿red by a debenknr8 over the assets of the charity. The original10gn is repayable in equal quartedy Instalmenls. Interost Is payab al LIBOR plus an agreed perwtagé up to a maxmlum of 7.77% unlll January 2025 arwj thereaftgr at LIBOR plus 2.55%. A second108n is repayable in monthly iistalm8nl& Interest Is payBtle at bank base rate plus 2.95%. Durfng 2019-20, 0 new loan was taken out under the Coronavirus ￿sIn0$S Int¢rrupdon L08n scheme {CBILs). The lo￿ is Int8resl-free ￿ the first year and ha5 8 repayment perfod of years commencyu from the beginnlng of Ihe second year. Interest is Psyable at bank base rate plus 2.34%. Not• 15 ADVANCE FEE PAYMep Parents may enter into 8n agreement to pay the Schcd the equhffjlenl of up to seven >w8 ibon fees In adv8n¢a. The money m8y b8 return￿ sublect to spectfio oondthn5 on thg r￿lpt of one lem's nolce. Assuming pup115 wll remeln In the $th￿l, •fvance fees ￿11 2021 21Y20 Within 1 year 152.848 76,219 152,848 76.219 The balance represents the accrutrj Ilablllty under ts contract& Th8 movements duriig the year ￿Te. Balan¢e * 1 August 2020 Fees re￿Ved in advan¢e Amounts utilised in payment of fees 76219 153.258 (76,6291 107,400 (31,181) Balance at 31 Juty 2021 152,848 76,219 Noto lfj SHARE CAprrAL The ci>mpany is limtted by guarants8 and does not hRve ary sh8re cal￿tal. The liabilty of th8 members of the T￿￿t is limited to £18ad). 32 LEICE8TER GRAMMAR SCHOOL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 Noto 17 FINANCIAL COMMrrMENTS At 31 JU￿ 2021 the charity had totsl commltrnents under nOn￿ncelIable operallng bas88 for plant and equlpment a$ fdlows.. 2021 2020 Opernfjng18as8 eX￿dI￿re falling due vAthin: One year One to t1￿ ye8r8 to flve years 62,658 46.893 63.655 103,577 12.849 0.105 173.208 122,331 Note 18 ENDOWMEKf FUNDS Mov•mont in Re•our Incomo Exp•ndknro Invo¥tm•nt galn¥l (10•8) Balan 1 August 2020 Balance 31 July 2021 Bursary Fund•: Edward Smrth Fund Mrs M E Smth Fund Pa￿nI donauons Blshop Mort fund The Hon Lady A Brooks Edith Murphy Foundallon John H[g￿nbo1han Fu￿1 Teler8al Trfllium Fund Margaret Float Tr8vd Fund Margaret Float Trnvel Ca 24,309 11.428 4.574 10,OtXI 38,242 10,000 18,000 ethi,000 29,872 2,010 354 13S4} {1.4(￿) (91) (200) 1589) (200} {3601 {12,Crf)01 (4341 4.245 28,554 11,428 4,574 10,C 91 200 589 5,620 10.000 18,000 600,￿0 35,089 2.010 12.OCMJ 5,217 748.435 15,634 763.517 Butsaryfunds are establIsh￿l to provld8 maans tested L¥Jrsarfes lo enable pupils lo attend the sthool vtho would not otheThJis8 bè able to. In¢om8 durlng th8 y8arwere cash re¢¢yts from donors and lntere*Anvest￿ftt IkKome rKelved. Galns during the yw ￿re due lo th& IN¥easing value of 1rwest1￿ts. 33 LEICESTER GRAMMAR SCHOOL TRUST NOTES TO AccouKrs FOR THE YEAR ENDED 31 JULY 2021 Note 18 ENDOWMENT FUNDS- PRK)R YEAR Movomenl In Resour¢•* Incom• Exp•ndliur• Inve8tm•nt galn81 Balan 1 August XJ19 Balance 31 July Bursary Funds: Edward Smlth Fund Mrs M E Smith Fund Parent dDn8tionB 8ishop Mort fund The Hon LatyA Brooks Edllh Murphy Foundatlon John Higginbothan Fund Telereal Trillium Fund Margaret Hoat Trnvel Fund Margaret Float Travel Cash 24.776 11.428 4,574 10,000 38,859 10,000 18.G¥JO o.ooo 1.218 {1.2181 {1,4051 (92) 1200) (1.732) (2￿> (360) {12.000) {1,5121 (467) 24.309 11.428 4,574 10,000 38.242 10.000 18,000 600.000 29,872 2,010 200 1.732 16171 12.000 1.512 (584) 2.010 75).103 18,719 748.435 LEICESTER GRAMMAR SCHOOL TRUST NOTES TO THE ACCOUI FOR THE YEAR ENDED 31 JULY 2021 Note 19 RESTRICTED FUNDS 1 August W Inc￿n• Expendlturo Transfern 31 July ?1 Vestrnents Chapel Fund Nevllle Hall Travel Fund Other srnall prlze fund Shelter Fund L)0%￿Ing$ Fund COVID19 donaUon8 Ch¥an Fund Slnging Prlze SPA Challenge Week Gener81 Bu￿arleS Fund 61 205 4,094 7,279 4,￿)0 e1 205 7,279 7,501 83 15.51x1 250 (3,985) {5.912) 250 (5001 23,140 16,333 29.076 Dudng th& year the above restrithd donalons w8re Tecelved and have been alocated to 8pedfi¢ funds in acxx>rdance wlth the donorn. Intenuons. Where funds have been spent on capltal Iterns in the current and prevI￿S years, these have been released to unre51rict*J funds a$ there are no on￿ing restrfcJons as to the uso of these funds. Other small prize funds comprise 22 Indlvidu81 funds. %thlch are estsblI8h￿ lo provlde a 8th001 prfze, annually, out of in¢om8. RESTrICTED FUNDS- PRIOR YEAR 1 August'19 Incomo Expend1￿19 Trnn•fers 31 Juty ?0 Veskn8nts Ch8Fd Fund Muslc bursary Music equIp￿Tht Tanzanla ￿nk &th¢)ol Ne￿Ile Hall Travel Fund Hall art proJe¢t Other small prlza fund she￿er Fund DO￿IngS Fund COVID19 donations General Bursarfes Fund 61 205 81 205 {461 (237) 237 4.439 (345) {3.51)J) 7.279 7,279 4,WO 500 16.428 13.016 33,942 (500) 18.925) 7,501 15,767 23,140 35 LEICESTER GRAMPIAR SCHOOL TriIST NOTES TO THE xcouiirs FOR THE YEPR ENDED 31 JULY 2021 Not• 20 ANALYSIS OF M￿ASSEr8 BEfwEEN FUND8 Tanglbl• FIX￿ a88ets In4•¥tsnents N•t11oblllti 2021 EndovKnenl funds 107.505 656.012 29,076 {14.945,193) 763,517 29.076 14,￿3.161 28,382,574 565.7 Totsl fimds 28,W2,574 673.285 ANALYSIS OF NET A38ETS BETWEEN FUNDS. PRIOR YEAR Tanglbl• Othèr Flx•d asséts 1nvoulm￿ Ilèt1Sabllltl•s 2020 92.423 858.012 23,140 {16.931,336) 748,435 23,140 12,815.105 ReSt￿t8d funds 29.231,301 515.140 T(*al fiJnd8 29,231.301 16 252 184 N•)t• 21 NET DEBT RECONCLIAMON At 1 August 2020 Other non- C#Mlow• chang 31 July 2021 C8th at bank and li h￿d k loan$ falling du8 < 1 year Bank falllng due < 5 Bank108ns falllTrJ due > 5 ypa 8,972,￿5 945,175 10.780,287 10.760.628 9)2,867 7,475,522 1.743.925 9,816.386 8.W2.444 798.7 (963,9)1) (1,768.184) At 1 August Odw fbonTh 31 July Ca%hflw• c#h ¢hang Cash at bank and In hand Bank loa￿ fallirYJ due < 1 Bank k)ans f811iThJ due < 5 ￿r3 Bank b)8n8 folllrrfJ duè > 5 yw8 3,647,086 804.450 &879,199 15,597,124 3.325,569 6,972,855 945.175 10.780,287 10.760.628 140,725 e,901,088 (4,835.496) LEICESTER GRAMMAR SCHOOL TRUST MOTE8 TO THE ACCOUNT8 FOR THE YEAR ENDED 31 JULY 2021 Mt)t• 22 PENSION COMMtrMEpif8 T￿ch•￿' Pen•lon 8chome Tha Sdth partkipales In the Te¥thérs' knsion Stherne fthe TPV) tga¢hlng staff. Tr pemion chargè for thè ￿ar indudes contributiorts payable to TPS of £2,09).03712020." £1.424.082 and at th yw4nd £174,750 (2020- £121.938} Yra5 In ra5￿ of(xJrtrfbuUcffl5 to th18 ac*8me. ThB TPS is an unfundwj mutttwernpbyw dafin8d b8nefTts pertslon sch￿￿ G%)v8m8d by The Tethrs, p￿￿k)nS RwJuLqlons 2010 las ameryled) and Thè T•achers' Pensffi sCh￿e Reg￿alk￿ 2014 las ￿Mend￿J). M￿b¥S thntrfbut8 on a 'pay as go. ba6il ￿*th ￿nt￿butIc￿ts from membws and the gmptyer bdro to th8 Exdwuer. Wrement 8nd tts benefts are paid by publlc fLmds provklwj by Parflarnwrt. Th8 contrfbutlon rat& is sat ty the s￿ary of State ftlb•Ang sthem ValUatk)￿ un¢l8rtakon by IknnM￿ ALknarf$ Department. The ￿?￿1 ac*uariJ valuatlon c( the TPS vm prepared as at 31 March 2016 and Vauatlon Report. whth was publlsw In Mard12019. 0)nfirm•J that thg ￿ty0Yer n1ributi￿ rats lor the TPS increase from 16.4% to 23.8% from 1 Sepiember 2079. Empknyw5 ¥e a180 to pay a 8ch8mg alrnknL8tratK)n W crf 0.08% ¥vSng a total eM￿0Yer c¥yrtrfbuUcfi rate of 23.68%. Th8 31 Marth 2016 Vduatlon Rop)rt WAS pr8pared in w)rdance wilh th? ben9fits set out in tha sdwne rwJulthns 8ml under ts 8pprooch s￿ified In thB Threcthms, 88 W applied al 5 Marth 2019. the assjmpfjons conslder&l and sat ty the DBpartsnerrt for Education prfor to the rulirKJ In the 'IkCloudlS8rg8ant caBe'. Thls Iwe has ra]uiral th8 c%)urts to cxnider casa5 rydirs the iM￿eMent of Ihe 2015 Teform8 to Public SeThice Penwons induding thB T•advs' Pen*on$. On 27 2019 the SUpr￿n8 CKJurt denled the Lth)vwnmant pwrnlssbn to ap¢481 th8 Cowt of Appoal's I￿*Mont that transtbonal wov15hxffj Intrr4u¢fjd to the reformed pansion 8d*mgs In 201S geva rfsa to U￿8¥￿al d[s￿MInatI)n. Tlie &1￿ment resp&*ng the Courvs d￿ICffl and Sa￿ tt wjll fujly ￿ the Empbyment Trlbunal 8$ gs empl￿r and repreBerrtalwoS to agreo th8 dlsulrnlnatKx)s vlll b8 raM￿led. The governm￿t anrouncgd on 4 Febwry 2021 that il intends to procee*J YAth a def￿r￿￿ thoKe underpin under m8mb•rs wll be 8blg to elth¥ lagacy or iefom sch9ffle benefts In r8sp8c* ofthdr sertg duthg th8 p8rlod bth+Yen 1 ￿.12015 and 31 Marth 2022 at the ntlhey b￿me payabjo. TPS Is sublecl to a o)st cap m&kni8m V*thlch was put In pl￿ to protthy tXXP8yws aJalnBt unfweseen tharw in vh8m8 0)sts. Thg Chief S￿ary to Tr￿Ury, havi￿ In 2018 announced 1hat there hDul be a revivw of thL8 cost rap M￿han55m, in J8nu8ry 2019 anTh￿￿) a paLL8e to fv (x)st cap rn￿an1$M fc41tyMng ￿ Court (rf Appeal'8 rullrg in Ihs McCkJudlSarg88nt case and there L8 cwtainty atryJrt the value of penslons to ￿pk}Y￿a$ frcffl Wl 2015 onwards. Thè pau$a was lIft￿ in July 2020, and a ¢tr￿ultatb)n wa5 laur￿￿ on 24 June ￿ Propcts￿ thangw to th8 cost corrtrol Th￿￿anL$M folkwAng r6vkn¥ by 1hg GO￿rnment A￿￿ty. Folbthro a publlc (x)rtsultakn. Govemment have a¢cApted Ihree key prorxjsals r￿rnrn￿ by ts f>)vémm￿ Aduary, are to inplrnt t￿e th8ng8s In me for tho 21Y20 valuatKJnB. ¥A8w of the al￿& rullros ond déd8lons assumptsng 31 Marth 2016 Aduari81 V81u*ion may be(vmg inapproprtate. In Ihls Si￿arKI. a Val￿tiOn prep8rÉd In 8ccordance revlsed benefits and Sultabty assumptions wc*JkJ yield fJffl8rgnt rwlts than tIMxo contstnwJ In th&Acauarfd V8ILth. Uitl the o)5t cap methanlsm r￿&¥ Is cfjmpthd It 18 Th)t F*JS5ible to on any ￿ne￿A81 Impad or futur8 to the contrlbution ro185 of the TPS. k¢udIJVJ￿ ty) provlBbn for any a1(Itk)nal past bwefft pwskjn C¥lBts1s Indudwj In Ih5e st8tam8nts. 37