Reglstorod numbgr: 01657702 Charfty numbgT: 513031 STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmited by guarantee) GOVERNOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
8TAFFORD INDEPENDENT GRAMMAR SCH¢)OL (A ¢ompany Ilmlted by guaranteel CONTENTS Page Rof•r¢ncg and admln1stratl dots11s of the ¢harltablg ¢omp•ny, Its Governorn and adv18ern Govèrnor6' roport (Incorporatlng strateglc report) Indopondont audltorfs report on the Ilnan¢ial •tatomgnts Statemgnt of fln4n¢lal actlvltl•s 2-10 11-14 15 Balance sheet 16 8tstomonl of cash flows 17 Note8 to the flnan¢lal 8tatemftnts 18-35
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmltsd by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Governors Mrs S Bums DrMLBush MrT Carwn Mr8 J Causer. Chair Mrs J Colman (resigned 24 January 2022} Rev J Davls MrASFirth Mr J Johnson Mr B W J Phllllps Company reglstored umbor 01657702 Charlty reg18t8rod number 513031 Reglstornd offlca Burton Manor stafford staffordshlre ST18 9AT company secrotary MrSRB8um Chlof oxo¢utlve offlG•r Mr L H Thomas Indopondent audltor Cooper Parry Group Limited Charter8d Accountants Cubo Bimiingharn Office 401, 4th Floor Two Chamberlain Square Blm)ingham B3 3AX Page I
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmllod by guarnntee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Thg Govemors of Stafford Independent Grammar School {Ih6 sch)1.) pr8sent thelf annual report together wtth the audlted financial stalements for the year ended 31 August 2022. The S¢hool al80 opgrates undor the name Stsfford Grammar Sdwol. AIMS AND OBJEGfivES Pollcio$ and obJoctfv88 Tho School's princlpal obltiVe Is to promote and advance educatlon. Th8 School wlndpally provldes 9ducalron for boyJ and glds in Staffi)rd and tho surroundlng are88 from the ages of 418. Stsfford Grammar School comprises the Prgp8ralory School {4-11), Sonror School {11-161 and Stxth Form 116-181. Slafford Grammar S¢hool alms to onsure Ihat all pupils fulfil thgir acad8mic and personal potentlal wlthln a Cang family atmosphere and where pupils ar& known as Indlvidu8ls and nurtured accordlngly. Tha S¢hool strlves lo croate 8 community of happy. caring and confident Individuals. Durln9 the year th8 School aVorag 435 pupils12021: 4181. Almost all Year 6 pupi18 from the Preparatory School moved into the Senlor School. In pursuance of the School's principal objeclives. the School: Awards 5GholarEhips and bursaries to encourag8 excellence and to enable chlldren from famllles, who would not otherwise be able to afford to pay fees, to access th& educatlon the School offers. Has the necessary wers lo GortduGt and develop land If approprfat& make a¢qul$lUon¥ relating lo) the School undertaking known a8 Slafford Independont Grammar School Objodlvos for tho year gnded 31 August 2022 Our maln objective$ at tho Start of the year wèm.. To malnlaln and enhance the pupil roll. To continue to den acGeSS and provide 8 public benefiL To malnlain current high18vols of acad6rnic achievement through ¢onsl8tent ex¢ellenl p&rfom)ance in publlc examlnellons, at the samo tim8 as maintaining OUT SpOng and cultural actlv11188. To m8lnlaln Conslstsnt and sustainable financial r85ili8nc8 in light of the contlnulng challeng05 ws8d by thé Covld-19 pandemlc. Consldoratlons rglevant to achlgvlng objectlves The effect of th6 ujrront economic climate and th8 8ffordablllty of fee$ by our parents. To keop tuition f688 as low as pos81ble giv8n the alms and oblectlves of Iho School. Class siz85 of a maxlmum of 20 as far as reasonally pra¢U¢abl6 at Key Slag6 2 and aljovè, whlch allow8 pupils time to develop academlcally and attaln well-round6d porsonaliti8S. Maintaining the ¢urrent high level of academi¢ a¢hlevem6nl as measured by extarnal publtc gxamlnatSon$ and independent stsndardi8ed assessment cdteria. Mainlainlng a reasonable net $urplu$ level agalnst a continuing threatenirvJ polltlcal envlronmenl by ensuring that 8trategles for controlling costs and capital expgndltur8 continue to b8 robu81 and effecllve. Maxlmi$ing ac¢o85 to the Sthool still furthgr by the provlsion of m8ans-tested bursarfes, The school conllnues to strEvg lo make the fees affordable for parents to 8nable Iham to koop thelr children at Stafford Grammar School and to attrart new famifies to the School. Paga 2
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmltod by guarant•&) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 PUBLIC BENEFIT The Sch1 Temalns commltted to Ihe alm of providing public benefit and offarlng wlder a88 to th8 educaticjn the Sdiool offers. by awardlng scholarship5 and rneans tested bursarfes to those unable to pay for an Independent educatlon. During the year, the Schod awarded bursaries and scholarships lotalling £689.287 {2021: £600,279) to 123 {2021- 124) pupils. Wlthin thls total, mgans-tosted awards, based on a sliding 9cale aGcordlng to family ffnancial clrcumstances totalling £364,086 (2021: £314,782), We awarded to 60 puplls (2021.. 65 pupils). 8qulvalent to 24 (2021: 24) ftTrll fee paylng pt8COS. In addition to burs8rtes, the School has engaggd In a number of actsvilles th81 provide 8 publlc benefft. As an example, the School entsr8 Into arrang9ments with local maintalned schools, under which thelr pupils attend an 8nnu81 choral day event Invofving a series of teaching workshops culminatlng in an evenlng show for parents. Also, lo1 community groups and Ixganisations have beneffted from belng able to use th8 w4do range of facilltie$ and resourGe$ av811ablg al the SchocA. The Sthool has atso provided support with unlv8rsity applicatlons 8nd intervi$w preparation for Sixth Fom students at a local malnt81ned secondary school. stafford Grammar School al80 runs a 'Music in PrEmary Sd)ools' prograrnma, through whlch the S¢hooi's Director of Music visits local prlmary sChoS to deliver music workshoF)8 and olasses. AS a resull, over 40 children from local primary 8chools now receive musiclossons because of Stafford Grammar School's outr8ach programme. Charltable support and actlvltles Durtng the course of the year £5,455 was donated lo charities supported by Stsfford Grammar School. These Induded Kathedne Hou$&. Tho Royal British Legion, Staffordshire Women'8 Ald, Children In Neod, Save the Children. Young Minds. Read for Good, Acorns, House of Bread. Cancer Research and Amazon Smile. The School Gommunity also makes a large food donauon to House of Bread 8t our Harvèst fesllval to sypport familles in the local communlty. All pupils are expected to take part in wpportlng chatieS through fomi ¢hallenge$ In whkh they plan and design a fund-raislng activity 8nd nomlnate a charlty to support. ACHIEVEMENTS AND PERFORMANCE Revlew of slgnlflcant actlvltl86 a. Currlculum The Natlonal Currlculum provid&$ the basis for Stafford Grammar School's broad and balanced Gurrfculum. The S¢hool encourages excellence In all areas, Class sizes are Small, which enables Indivldual attgnllon for each pupil and porsonallsed tracklng of progress. Optlons for GCSE are chosen at the ond of Year 9 (although somo suble¢ts Introdu GCSE content In Year 9), and supportls provided for pup118 In makiThJ Ihalr choices. Stafford Grammar School ¢urrenVy enters Sixth Fomi students for AS level qualifications wh8re Ih8y exlst. Typically. sludants begln the Slxlh Fomi wllh 4 AS subjects. conllnulng with 3 to the full A4evel al the end of the 8econd year. Amost all sludenls go on to study at universty (wth a sm811 number choosing degree apprenticeshlpsl. many at Russell Group universities and the majority of students go on to study at Ihelr first choice unlverslty. Personal, So(ial, Health and Economic Education (PSHEE) and Relaflonships and Sex EdUtIon IRSE) is covered through our dedlcated 'Llfe and Vvellbeing, programme and pupils receive lessons In each fortnlghtly ¢yde. In addltlon lo the RSE curriculum, the School puts on additional 'droprflown' days wrth dedicated time off timetable for each year group to focus on a range of RSE topics. W8 have also launched a cros$4chools prolect with another Indepgndont sch1 to edu¢al8 and eng8ge students In respondlng to18sue8 around sexual h8ra8smenl in soclety and the slgnWlcant Issues ra18ed by the Evewne's Inted webslle. Page 3
STAFFORD INDEPENDEf+lT GRAMMfvR SCHOOL (A ¢ompaMy Ilmltsd by guarantee) GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 b. Examlnatlon results The School a¢hlevgd a 100% pass rate at A Level wlth 72.3% of grade$ at A".B whi¢h Is an gxcellonl achlevemont and Is an Improvement on th9 2019 ra8ults165%). 5 pupll$ achieved all A. star grados. Tho GCSE grados are down on Ihe 2019 pa8$ rale of 97% at 94IJA. Thls Is bgcau6e of a small numbor of puplls who dld not perfomi woll acros8 tho board and pulled down the ovgrall pa88 rato. However, thg percentage of 74 gradtrs was sllghtly up at 52% comparod to 51% In 2019. The ¢omparlson Is dellberately made wlth 2019 slnce thls Is the last comparable year whero grades wero not baled on teacher a8908¥ed grad66 and reftected outslde as8e88ment through examlnatlon8. Nation81 league tables In newspapers pla our results above of mosl lo¢al Independent and malnlalnod sohools. These excelbnt results arè a t8stamenl to Iho hard WO of our students. In tho case of Y13 never having 8at a publlc examination beforg, throughout a very challenglng two years. and the continued dedicatlon, profe88lonalism and commltmant of our teachers. Pupils have also achieved considerabie success in the UK Maths Ch8llenge8 With 60 puplls achiwing Gold, SHver or Bronzo certific8te9. In March 2022 tho Independent Schools InspeGloral8 wnducted an Educational Quallty InspeGtKfyn of Stafford Grammar School. Th1$ typ8 of inspecuon foGus68 on the quallty of hvo areas,. pupils. academic and other achievements and pupils, personal development. Stafford Grammar S¢ho¢J secured the hlghest possible rating of'Ex¢ellenV in both asp. Followlng this, in April 2022. the Tlmes newspaper named Stafford Grammar School 8$ the top independent school In Staffordshlre. c. The Hou$0 System Int6r-House competillon Contlnues to thve al the School. wilh events taking place throughout the year. This provide8 OPPOrtunilies for th& School to In$til the value$ of loam work and Commitment. Sporting competit]on$ Indude: foolball, cricket, ¢ross-county, hockey, netball and tennis. In additlon, the Houses compets In an annual Sports Day at a local sports stadium. The Houses also compete In a technology ¢)Jmpetition, ('The Great Egg Race'}, a baking competitlon and a public speaklng competitlon. The three Houses, An8on, Fltzherbert and Talbot, slgnlflcantly add to the spirit of Stafford Grammar S¢hool and the Heads of House maintain pastoral and academlc management for all pupi18 in their Hous6. Ag well as th8 House actlvllies and Hws8 as8gmbll&¥ which bulld a Strong sense of ¢ommunlty, we also IntroduGed a new tutorial programme dollv8r8d during fomi perfods by tutor8. Some of this programme supplements the fomal 'Life and Wellbelng, programme through whl¢h PSHEE and RSE is dellvered and other Parts of the programme enable siudents to appreciate art. muslc and literature to enhance fheir cultural awareness and 8ppreclalion. d. Othei actlviti¢s The SCI01 Is fortunate in hawng staff who arg wllllng to devoto tlme to a wklo range of extra-curricular actiwtles, dasigned to enrl¢h puplls, experlenc&s over and abovo the School cu1cUlum. The aim of these activities Is to dovelop puplls as confldent, aruculatod 8nd well-rounded IndlvSduals who are well-pfepared for Ilfe beyond School. We havè a thrtvsng Forest School for all year groups In the Prep. Sthool to Onabla pupils to exp8rfence th8 outdoors in a woodland area of our extenslv9 School sit6. The Forest Sthool 8180 bullds pupils, u)nfidence, self- esteem and a sense ofwellbeing. Page 4
8TAFFORD INDÈPENDENT GRAMMAR SCHOOL (A company Ilmlted by guarant¢o) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 o. Performlng arts- music and drama Mu¥1¢ contlnues to excel at Stafford Grammar School, wlth the Mus1¢ Department P8rfomlng around 40 concerts a year. Th8 Music Department runs numerous groups and ensemble5. induding.. Big Band, Concert Band, OTch&stra, Dtxie Band, 'LiWe Big, Band. Choir, Ch8mber Choir, Flute Group and Saxophone Group. The music groups porfomi in national and intematlonal competllions- the Big Band and'concert Band recelved Platinum Awards al the National Concert Band Festlval and in Ihe National Finals. Sevoral of our musSdans perform with the National Youth Orchestra. This year a Stafford Grammar School pupil was Ihg Intermediate wlnner of the Staffordshire Young Musiclan of the Year. The Muslc Departmenl also organlse8 a bi8nnlal Intem8tionai tour. Major concèrts take place in School at Christmas and Easter. 92 ASR8M, London Coll8g8 of muslc and Trinity College London exam$ wor8 passed by pupils during the academlc year. Drama goes from strength to stren9th at Stafford Grammar School, wfth very high-quallty productions taking place each year. Typically, there is a junior play (Years 7-9) and a whole-school musical production in the senlor school. The Prep. School produc8s at least I0 plays each year, as well a$ performing in thelr own Christmas ncert. The Sixth Fomi also put on an annual pantomime. Slafford Grammar School pupils are also pr8pared for LAMDA examlnatii)ns, with a wide range of students achieving success oach year. We have three new LAMDA leachers in School deliverillg lessons io pupils from the Prep Schocl up to the Sixth Form. 38 pupils tcN)k LAMDA exams th1$ year of whom 31 achieved distinction. The dance and drama Studio which was installed last y&ar ha8 proven very POPLtlar studgnts and w8 have three peripatgtic dance teachers delivering a range of dance leg8ons to students as wo11 as use on Saturday8 by a local theatre. danco and drama school. f. Sport The School Continues to play competitive football, rugby, cA¢ket, ho¢key. n&tball and round9rs. In addition, wpil$ are ontered for competitions in cross c(iunty, 8thletlcs and swlmming. Wo havg a team of pupils who enter national skiing competitions. Individual successe8 this year include several pupils who hav8 been sele¢ted for distrirt, county and national teams in their various 8POrts, Includlng athlelics, CTick8t, cross country, danca, equestrianism. football, golf, gymnastics, hockey, netb011, roundors. Ngby, skiing, swimming, 18nnis and squash. Tgam 8ucces8es th18 year Includ8: U15 ISA Mldland Rounders Champions, U13 ISA Mldland Rounders 4th, U18 District Football Runners Up, ISA Midland Athletic5 Runners Up, U12 District Netball Runners Up, U14 Dlstiict Netball Runners Up, National Outdoor Skiing Champions, National Open Skling Champlons, ISA National Skilng Champlons, Y12113 BOYE DislTiCt Cross Counby Champions, Y10111 Boys Dislricl Cross County Champlons. Y819 Boys Cross Country Champions, Y7 Boys Cross Country Runners Up, Y10111 Girls Crosg Country Champions, Y819 Glds Cross C¢)Untry Champions, Y7 Gld$ Cross Country Runners Uts. U14 ISA Mldland Football Champions, National Schools Skilng Qualifters 3rd. Briti¥h Schools Skiing Indoor Open Girts Championships Champions, British Schools Skilng Indoor Open Boys ChaMpnshipS 4th The School has a rthv AslroTurf MUGA (Multi Us¥ Games Area) pitch which was Installed over the summer of 2021 on tho 8lte of a disus8d bthIng green. Th1$ 1$ in rggular use for hockey and football tralnlng. g. Duke of Edlnburyh'6 Award The Duke of EdinIrgh $¢hem& contlnue$ lo thrive with pupils achieving a very hlgh number of Bronz6. Sifvor and Gold Awards each year.. 21 Bronzg and 8 Silv8r Awards were achieved. a t8rriflc su¢¢es$ gNon thg Impact of COVID, which significantly impacted upon tho pupils, ability to fulfil all the expedltion requlremgnts thk% year. Page 5
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A ¢offlpany Ilmlted by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 34 AUGUST 2022 h. School trlp8 School trips have been run again Ihig year followlng the lffting of the striCtionS durlng the panijemic. A 8ucce88ful tour to Belglum way (2rrfed out by the music department and UK based resldentlal Irip8 have been re-eslablSshed Indudlng 8FKJrt8 and theatrè trips and visits to museum8. The full complement of trfps 1$ baGk In place for the followlng academlc year. l. School transport Thè School run8 a fl8et of mlnlbu8e8 In order to get pupils from thelr home address to the S¢hool whlch, due to its popularity and convenience for parents, Is growtng In slze lo accommodate the incr8ase in ¢Jemand. Each roLrt8 is ravlawed annually to provide 88 n68r as pr8Ctlcable a 'door to doorf da1 sorvlce for pup118 attendlng School. There Is a knockvon 8nvlronm8ntal advantago to doing Ihls In th8t It savos In the order of 100,000 car journeys per year [ch would olhervlse havo had to be undertaken by parents. An important Secondary functlon18 to transport puplls to the many sporting, musifxl, Gurricular and extra-currlcul8r v8nu8s vlslted durtng the course of the S¢hool year. FINANCJAL REVIEW Results for the year The School's net Incom8, surplus for th8 year amounted to £245,343 {2021'. £214,118). whl¢h the Governor8 consider to be 8 r&8sonabb re8LtIt, the best SSnce 2016, glven the fact that th18 wa8 th6 Ir8t full a¢ad8mic year when th8 School dld not hav& a perlod of lo¢k4own but still had to overcome the numerous chalEengeg Posed by coronavlru8 and the Govemors dadslon to kegp the annual fee Increase in September 202110 lust 1.8'h. The hirfng out of the School'8 8POrts hall and facllities durlng evenlngs and hollday perlods contrlbuted toward8 th8 School's Income 8urplus and commltsment to supportlng Ihe wider communlty. Th8 School's total Income for the year Increased by £453,626, up by 9.6 % (2021: 1.7% In¢reasel, on the prevlous yesr. Howèv&r, the total exwndllure for tt)& year incr9886d by £422,401. up by 9.4% (2021.. 1.6% decrgas8). On8 of the m8ln objectives of Ihg School Is to malntaln the pupil ftll at a realistic 18v81 and the Govemors, principally through the Flnancè, Development and Audlt Commlttee, regularly revlew pupll retention and recwltmenl, Includlng 81rat8gl89 lo b& adoplgd and activltlgs lo be und8rtaken in support of th1$ key objectlve of the School. K¢y perfomianca Indlcator8 The maln performance m6lrics of tho School are r)upll numbers and 8uccesges at GCSE 8nd A-levels as well a8 pup118 gettlng inlo thelr first cholce unlvBrsity, thes6 have already been set out In other areas of thls rèport. Tha future prosperity of the School15 dosely Ilnked to these figure8. Some of the other illdlcators we Lfse to monitor the financlal health of the SGhool are:: 2022 95% 53% 16% 4.7% 2.7'.1 2021 95% 58% Yo Costs to nel income Yo Teachlng salaries to net Income Yo Support salarS lo net Income Yo Nèt surplus lo net Income Currgnt Tatlo 1511 4.5% 2.3:1 All of whl¢h Indlcate 8 Steadlly Improvlng trend. The cash Ilow forecast for the next Iwo years Is also Page 6
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmited by guarantoe) GOVERNORS. REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 encouraglng. Golng Concorn It18 crktical that shortfalls ar& tackjed in turbulont times as financial rosilience will help Ihe Si*ool to Slay fleble and adaptable to unexpected changes in pupil numbers and lo manage unplanned cosls. The expendlture of the ScFKJol Is domlnated by staff salaries which amount to 70% of net income, neverthgless opportunitles for roduclng c08ts, without 8dver88ly affecting performance, are idenufigd and advjned when p05$1ble. A long lem7 loan w88 pald off in December 2021 so Ihg School is now debt frfje. At the year end the School had cash of £1,503,083. After making appropriate enquiri8s, includin9 consideration of chsh flow forecasts to the and of FY2024, th8 Govemors have conduded Ihal it is r6a$onablg to exp&ct that the School will generate 8ufficl8nl resourc88 to continue in op8r8tional existonce for the foreseoablg future and m6et all of Its financlal obligations. It is considered that, after examining likdy futu risks to the business (including the most recent risks caused by the ewnomic shock of the confllct in Ukrain&), that th$r8 wll ba sufficiant funds to continue in operatlon should one of those risks materialise. As a mattfjr of courso Govemors conslder th8 fingnclal risks to the Schod at fomial meellngs and also infomially on a monthly basis by reviewing the management accounts. For thls re8$0n lh8 Govemors have continued to adopl a going COnM ba$ls in prep8rlng the S¢hool'$ financlal statements. Flnanclal and goneral rlsk management The Governors have assessed the major risks lo whith the School is exposed, In partlcular those related to the operations and finances of th8 School. and arfr satiSfd that terns and proGedures are in pl8ce io mitsgatg ils exposure to the major risks. The prln¢lpal short and long term risks facing Ihe SchoDI aro Gonsidered to b9: Affordablllty of an Independent school education to our parvnts in relation to household income and oth8r financlal pressu. This is especially true rf ind8pgndent schools lose their exemption for VAT on school fees. The Govemors, policy 18 to set annual feé Inmses as low as possible comm6n$uratO Wth the C081s of runnlng the School and the n8ed lo invgst for the futuro. Future enforced lockdowns of the School for health or other reasons. This rFsk wll be mitigatod by the proven ability of the School to switch to extensiv8 high quality online teaGhing of Its pupils Contlnued economic shock resulting from the conflict in the Ukraine has posed both financtal and genoral rlsk lo the operation of the School which has required very car6ful management by both the Govemors and Senior Leadership T8am to mlnimise Its irnt on the gen8rdl operalh)n of the Sthool and its financial well-being. Operational costs of njnning an Indepandent school, Including 8tafflng, f8cilltie8. assets, penslons and utilities. The future loss of bu$ine$$ rate relief for chariues would have an Immediate impact on the oporational costs of the sthool however It 1$ reasonable to a$$um8 that some notice perlod would be given of this policy chang&. CO)6rcrimo attacks on schools. The IrnpaGt of this has been mltigated by hamng strong ffirewalls and IT protowls in place. In tho past year an extem81 consultant has befjn used by the School to revlew the actual rtsk lo the School by conducllng a Gyber hygi6ne risk assossment, highlighl any weak areas and propos8 any Improvements to tho system. In addition, the School carries Insurance against Gyb6rrAime. A plan of action to mitigate the rlsk of a cyber-attack is currgnlly under dovelopmenl. Regulatory and compliance burdens such as safeguarding lo ensure tho h8alth arKI w8lkbeing of OUT pupi18 and staff und&r the protection and guidance of the School. Culture and complacency due to changlng political and soc181 enviTonment and our respons6veness to ¢hanges. Th8 ma¢roo¢x)nomlc Impact of the International incre86e in the Cost of engrgy. raw materials and goods aThJ services in gen&ral togalhor with Infflatlonary pressures on salarle8. Reffliilment and r61ention of quallty tga¢h6rs with r8lavanl sklll$. Lack of a strategy to daal wlth future waves of th8 pandemlc. Th1$ has been Mlgated by vary regular Page 7
8TAFFORD INDEPENDENT GRAMMAR SCHOOL {A company Ilmlted by guar8ntae) GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 communicatlon wlth the varfous professlon81 bodies assoclated wlth Independent educatton who advise the S¢ht)ol on legl$latlve and regulatory measures and on Sector best practice. In th8 oplnlon of the Govemors. the Schod has establlshed raou and a review system wher6by detailed considerauons of rfsk are delegaled to thg appropr¢ate Commltte88. Rlsks are identified, assessed and controls establlshed throughout the yaar. The genérlc contro[6 used by tho S¢hool to mttlgate rtsk8 Include.. Fomal agendas for all Commltt88 and Board actlvlty, Compr8henslvg Straleglc pFannlng, budgeting and manernent ac¢ounth)g. Establlshed organ188tlonal slructure and Ilnas of r8p¢)rting. Fom)al written poli¢les. Hierar¢hlcal 8ulhorisalion and approval lev61s for finandal dgd81on maklng. V&tting procoduros as required by law for the protectlon of the vulnor4blo. The Govemor8 regularfy r$view tho effactivgn6s$ of osrrent plans and slratsgles for managlng all IdentM8d wlndpal rlsks for the Sch(MJl. Health and Safety is always a signlficanl arg9 for risk managemenl. The risks range from fire and infrastnJctur& to personal rlsks. These risks are minimised by thorough plannlng and risk assessment. The Health and Safely CommTrttee regularly revl8ws the health and safety rlsks to the School and best practice to deal with them. Fw8 Th8 Gov8mors are mindful ofthg economtc outkN)k and ara awar8 thal fees n8ed to be affordable and realisllc. Key finanaal declsions in the year InGlud8d th8 decision lo a modest. bok)w inflallon, feo increase of 3.5¥oi aped from Sept8mber 2022, in order to malntaln 8ffordablllty for parents whi18 providlng the funds nec8s8ary to meet inflatlon InGreosos In oxpenditure and to further Inve8t In th8 School Infr8slructure. Prlnclpal fundlng and rnsgrrns pollcy The Governors rec¥)gnlse thè noad for prud6nt financlal management and to bulld up res8rve8 over tlme. The School'$ pollcy Is to build reserves sufficiant to enable It to meet Its short-term financial obllgatlons In the ent of an unexpècted revenue shortfall. Th& Govgrnors vlew the devélopment plan for the School as the most off6ct4ve and prudent Way to 8nsure tho long temi future of tho School. Free Re88rvgs were £985.000 which th8 School calculates 88 the nel funds less thoso represented by langlble fflxed assets. 8TRUCTURE, GOVERNANCE AND MANAGEMEiir con$tUtIon The School is regi8tared as a charftable wmpany limltéd by guarantee (number 513031) and constlluted under the Artlcles of As80cI8Uon dated 11 August 1982. as amended by 8pg¢lal regolutlon on 1 March 2021. Pollclas adopted for the Indu¢tlon and tralnlng of Governor8 New Governots aro Inductod Into the Workings of thè School, Indudlng Governlng Boéy p)licles and procedura8 at m8etlng$ with the Head and Bursar. The naw Gov8mor$ are 81s0 at46 to attond spBclallst extern81 COUfdes on the role and r9sponslbilill88 of chadty Irus18e8. M8mbers of the Gov6rnlng Boty attend Intemal and extemal trustee tralnlng and Infonnatlon brlefings deslgn6d Pag8 8
STAFFORD INDEPENOENT GRAMMAR SCHOOL (A company limitèd by guarantee) GOVERNORS. REPORT (cofrrriNUED) FOR THE YEAR ENDED 31 AUGUST 2022 to k6ep them infom)ed and updated on current issuès In the 8ector and r8gulatory requlrements. Pay pollcy for $onlor and othgr staff The remunoralion of Senlor staff member8 Is reviewed annually by Ihe Headmaster In conluncllon wlth 8dvlc8 and racommendations gen by selected members of the Governing Body. The Remuneratlon Commlttee revlews, on an annual basls, the remuneratlon of the He8dm8St9r. Referonce is made (o compari80ns contained within independ6nt Schools, peer group b8nGhmarklng 8urvey reports so as to ansure that the School remalns aware of {and18 able to take Into aKount) pay and employment conditions elsewh8re in the indepèndent and stste sectors. Generally, the School aims to recruit, subject to experlenca, at the lower lo med18n point thIn 8 band, providing scope for rewarding eXllence. Delivery of the School's charitabS8 rol& is primarily dependent upon our key management persorbnel and staff costs Br& the largest slngle element of the School's ¢haritable expendituTr. Organlsatlonal stNctur6 and d•cislon maklng The members of the Goveming Body, 88 the chartty tru8ts88, are legally responsible for the overall management and (x)ntrol of the School. They meet at least three tlm88 a year. The work of Impiementtng their policies is carrt6d out by five commlltees, whi¢h meet as requlred: The Finance, Development and Audit Committee SGNrtinis88 revenue, the budg&t, flnancial risk and capital expenditure. This Commlttee also supervise¥ and flnalises the audited flnanclal slatements and annual report for approval bythe Goveming Body. Thls year. thg WOTk of the fomier Remuneration Committeo ha$ be subsumed inlo this Committee. The Committee is chaired ty Mr Brett Phillips. The Educaiton and Standards Commlttee scrutinlses procedures Implemented by the Schwl for regulatory comp118nc8 and or$I9ht of the School's educatlonal provision. The Committee is chaired by Dr Marig Bush. The He81th and Safety Commtitee en$ure8 that 811 rel6v8nt stslutory requirem6nts are being compll¢d with and that tho H&8lth and Safety Poll¢y réqulrements are meL Th8 Committee Is chalred by Mr John Johnson. The day-torflay Nnning of the Sch1 is delegated to the Headmaster. Deputy He8d - Pupil$ and Staff, Deputy Head Academic and Operatlons, Bursar and Head of th8 Preparatory School, as the key managem8nt personnel and Senior Leadership Team ISLT). The Headmaster and Bursar attend meellngs of Ihe Govemlng Bodls Committees. PLANS FOR FUTURE PERIOD8 The new Head has been In post sln¢e Septembgr 2022 8nd h88 made a strong Impact on the Sch)ol. He has been driving plans for the future whiGh indude: A new Slxlh Fom prrJJramme. Daveloping pathorships wth busingsses through member3hip of the Staffordshire Chambers of Commerce. To continue to ensur& the School site provld08 a saf8 and attraCtse envlronment for puplls. staff and v161tors alike. To provide a happy and secur8 pastoral environmert in which all puplls are offered opportunltles for lead&rship and service to others. To provlde a stimulating and enjoyBbl8 l•amlng environment In whldi puplls can develop th6ir academlc potentlal to the fijll. Pag8 9
STAFFORD INDEPENDENT GRAMAIAR 8CHOOL (A company Ilmlt•d by guarant•g) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 To Increa68 Ihe Capablllty of th8 School to offer educatlon to chlldren whose parents ar& unablo to afford fvll f88S. To ensure the School plays a signifteAnt part In the life of the lo1 Gommunty, sharlng faGilit16s and seeklng local partnorship8 wherever posslble. GOVERNORS. RESPON81BiunES STATEMENT The Govemors (vtho are also dlr8ctors of St8fford Indepondent Grammar School for the purposes of wmpany law) ar8 responslble for preparing the Govemrs, Report and the financial stslements In aGcordanc8 wllh appllcablo law and Unlted Klngdom ACCOUnng Standards (United Ktngdom Generally A¢Gepted Accounung Practlcel. Comp8ny law requlres the Govérnors to prepare fin8nd81 statements for oach financial year. Under company law th8 Governors musl not approve the financ181 statomarrts unless they are satlsfied that they gfve a true and falr vl8w of thg stal8 of affairs of the charitable company and of tho Incoming resourcos and applicallon of rèsources, ino]udlng the Income and expendtture, of the ch8rltable company for that pariod. In preparing th$$& financial statements. the Govemor8 are requlred to: Selecl suitable accounung polldes and thèn appty them ¢onsist8ntly. Ob$erve the melh¢xls and principles In the Charitle8 SQRP. Mekg judgments and accoUnng esumates that are rea80n8ble and prudent. Prepare the financlal statements on the going Goncern b8sfis unless It Is Inappmprfale to pr8sume that the charltable ¢ompanywill wnttnu8 In operatlon. The Govemors are responsible for keeplng adequ8te accounung records that are suffluerrt lo show and explain the tharftable companls Iran$a¢tlons and dlsclos6 wlth reasonable aGcuracy at any lime the flnanclal posltlon of the charltablg company and anable them to ensure that the financial statem8nts comply with the Companies Act 2006. They aro a180 rospon81bl8 for safeguardlng the 889etg of the charitabla company and hence for taking rea80nabl¥ stsps for the prevenOn and detectlon of fraud and other irreguSatilies. Dl•clo¥ktrn of Inforniatlon to Audllor8 In so far a$ each of the Govemors, 88 Dlreclors of the charltsble con7pany, at the dalt of this T8POrt IS 8waro there Is no relevant audit Informallon of whl¢h the charflable comp8nl5 audltors are un8war8, and: Each mombèr of the Goveming Body has taken all the steps that he or $he should have taken a$ a membgr of the Goveming Body in ordar lo make hlm or her aware of the rel&vant audit informatlon and to 8slabllsh that th8 ¢hartlable company8 audltors are aware of that Infomation. Othor than iwo Govgmors havlng children as puplls al the School no Govemor has any related party relation8hlp8 wlth respect to Stafford Grammar School. Approved by der of tho member8 of the Board of Govomors and slgned on thelr beh81f by. Mrn J Cau8er Ch81r Dale., 1 Fobruary 2023 Pag8 10
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A Company Ilmited by guarantee) INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF STAFFORD INDEPENDENT GRAMMAR SCHOOL Oplnlon We have audlted the financlal statements of Stsfford Indèpendent Grammar School (the 'ch8rit8bl8 Companll for th6 year ended 31 August 2022 whlch comprise the Statement of Financlal Aclivltles. the Balance Shee( the Stalement of Cash Flows and the related notes, Includlng a summary of significanl 8coounUng pollcles. The ffinancial reportiro framework that h88 been applled In their preparation Ss appliGable18w and Unlted Klngdom Accounting Standards, includlng Flnandal Reporting Standard 102 'The Flnancial Reportlng Standard applicable in the UK and ReF)ublic of Ire18nd' (Unlted Kingdom Generally Accepled ArLounllng Pracuce). In our oplnion the finandal statements: give a twe and falr vlew of the stste of the charltabl8 companjls aff8irs as at 31 August 2022 and of its Incoming resources and appll¢alon of resources. induding its income and expendllure for the year then ended., havo been properly prepared in acrdanc& th Unilod Klngdom Generally Accepted Accounting PraGli. and have b8gn prepared In accordance with the requlrements oflhe Comp8nles Act 2006. Ba818 for oplnlon We conducted our aLKIIt in acrdanc8 vAth Intemational StaTKlards on Audming IUKI (ISAS IUKI) and applicabl6 law. Our responsibllities under thoge Standards are furthèr described in the Auditorfs resF)onsibililie8 for the audil of the financial statemenls section of our report. We are independ8nt of the Gharilable company in accordance wlth the olhical requirements that are ralgV8nt to our audll of th8 financial Statements In th8 Unlted Klngdom, inctudlng the Finanual R8POrting Councll's Elhlcal Standard, and we have fulfilled our other ethical responsibilitlgs In aGcordanc8 with these requlrements. We beli6v¢ Ihat tho audit evidence we have obtained is 8ufficient and approprlate lo provkle a basls for our opinion. Conclu8lons velatlng lo golng ¢oncern In auditing thg financlal statements, w8 have concluded that th6 Gov¢inors' use of the golng concern basis of acuunling in the preparatlon of th8 flnancial 8tat8ments Is approprlate. 8a8ed on the work we have performed, wo have not Identlfled any material un¢ortaintlOs rglatlng to events or ¢ondltlons that, indlv1dua1 or collectively. may ca8t 81gnlficant doubt on the charitable compan$ ablllty io ConnUe as a golng concern for a perlod of at least Iwelve months from when the financlal Statements are authorfsed for188ue. Our responslbllltle8 and the reswnsibiliti6s of tho Govemors wlth respect to golng concem are describod In the relevanl sectSons of Ihls report. Page 11
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company Ilmlted by guarantee) INDEPENDENT AUDITORE REPORT TO THE MENBERS OF STAFFORD INDEPENDEpif GRAMMAR SCHOOL {CONTINUED) Other InfornlI0n The oth8r Infomialon MpriSeS the informauon Included in the Annual RoF)Ort oth8r than th8 financlal ststemants and our Audito¢s r8POrt thereon. The Govamors are responsible for the other Informallon contalngd wllhln thé Annual Report. Our opinlon on the flnandal statements does not Cover the other Informatlon and, except to the extenl otherwise explichly stated in our report, We do rt 8xpr8ss any form of as8uran¢o ¢onclu$ion thereon. Our responsibilily Fs lo read the other Infomialion and, in doing so, consider whether tho olher informatlon is materially inconsistènt wlth the fingn¢lal statemgnts or our knowledge obtalned In the coursts of the 8udtt, or oth&rwise appears to be materially mlsstated. If w& Identlfy such mat8rlal Inconsislencles or 8pparent material misStatom8nts, we are required to delermine whothor this givos rlse lo a material ml$$tal&m&nt In thfj financial slalements Ihems&lves. If, based on the woth wo havè performed. we concludo that ther8 l¥ a materlal mrsstatsm8nt of this other intom)8tion, wo arg requlr8d lo report that fact. We havo nothing to rèport In this rpgard. Oplnlon on olhor mattors prgserlbed ty ts Cornpanlos Act 2006 In our opinion. based on th8 work undertaken in the cour86 of the audlL the infomiation givon in the Governor8. Report In¢luding the Strategic Report frir the finan¢lal year for whl¢h tho financlal statements are prepar8d18 cons18tent with the financlal st8tem8nts. ihe Govemors, Rek)Ort and the Strat6glc Report have been prepared In 8¢cordance wth applicable legal requirements. Matters on whlch we are requlred to report by èx¢frptlon In the Ilght of our knowledge and understatKling of the ch8rltabb ¢ompany and 115 environment obtalnèd in th8 course of the audi( wg have not identified material mls8tstem$nts In th8 Govgmors, R&port includlng thg strategic Report. Wo have nothlng to report In respect of the follong mattoJ3 In relaOn to which Companles Act 2tX16 requlres us to mport to y)u if, in our opinw)n'. adequate aco)untlng COrdS have not been képt. or retums adequate lor our audit have not been receed from branoha$ not vlsit8d by us," c the financlal gtstements are not In agreement wlth the acwuntlng records and retum8,' or ¢ertaln disclosures of Govemor8' remunerBtlon 8Cl11ed by law aro not made., or w8 have not rec8iv8d all the Irrfom8tlon and 8xplanaUons w6 requlr6 for our audll. Pag8 12
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmltsd by guarantee) INDEpENDEr AUDITOR'S REPORT TO THE MEMBERS OF STAFFORD INDEPENDENT GRAMMAR SCHOOL (CONTINUED) Responsibllitle8 of trusteas As explain8d more fully in the Governors, responslbllltles statement, tha Govemors (who are also the director8 of the charitable Gornpany for the purposes of comp8ny18w) are re8ponslbl8 for the preparatSon of the financial 8talements and for being gatisfied that they give a twe and falr vlow, and for such Internal control 88 the Govemors dotermine is necessary to enablè the preparallon of financial statomenls that are free from matedal mlsstatement, whether due to fral or error. In preparfng the finandal statements, Ihg Governors are reSnsible for a88esslng Ihe ¢hadt8bl8 companys ability to continue as a going concern, discloslng, Bs 8ppIic8ble. matters rel8ted to going concem and using th8 going concom ba$ of 8ccounting unless the Govemors either Intand to IiquKlate the charltable company or lo cease op8r8tions, or have no realistic altemative but to do so. Audltorfs responslbllitlès for tho audft of tho flnanelal 8tst8mants Our objectives are to obtsln reasonable assurance about &thor the financial statements as 8 whole ar8 fre from material misstatsment. whether due to fraud or ernr. and to issue an Audllorfs r8POrt that Includes our opinion. Reasonable a8$urance Ss a high level of 88sur8nc8. but18 not a guarantee that an audit conducted In accordance with ISAS IUKI will aayS detect a m81erfal misslatement when it exists. MIs8tatem8nt8 can arise from fraud or error and are considered material If, Individually or in the aggregate, they could reasonably be expected lo inlluence the economic decisions of users taken on the basls of these financlal statement8. Irregularities, induding fraud. are instances of nonwcompllance th laws and rggulatlons. We design procedures in Ilne with our respon8lbillties, outlined above, to detect material mlsstatemgnts In rospecl of irregularities, including fraud. The extent to which our prorAdures are capable of detecting Irregularitles, includlng fraud is detailed below: Our assessment focused on key laws and regulations Ihe ch8rt18ble company has to comply wlth and ar88s of Ihe financial statements we assessed as being more $us¢eptlble lo mi8$t8tem8nl. Thes9 key laws and regulations included but were not limited to compliance wlth the Companles Act 2006. Charftte$ Acl 2011, taxation legislation, data protectlon. anti-bribery, and employment leglsl8ti0n. Wa ar8 not responsible for prevenllng tegulariti&s. Our approach to detedng Irr8gulariti8s included, bul was not limited to, the followlng.. obtalnlng an understsnding of the legal and regulatory framework appllcable to the charitable company and how the charitabl6 company 1$ ¢omplying with that framework, Includlng agreement of financlal ststement disclo8ur&s lo underlying documentatlon and other evidence; obtsining an understanding of the tharltable company's control environment and how the charltable company has applled relgvant control procedures. through discussions wllh Govemors and other managem8nl and by perfomiing w8lklhrough testlng over key areas., obtaining an und&rslandlng of the charitable company's rlsk 8s998sment process, InGluding the d8k of fraud., reviewing meeting minutes of those charged with govemano Ihroughout the year, and performing audit testing to address the risk of management overrlde of controls, includlng lestlng 1Mal entries and other adjustments for approprfatene8s, evaluating the buslness rationale of signlficant transactions outsido th8 nomal cts)ur3e of busin8SS 8nd revlewlng 8c¢ounting 88tlmates for blas. Whilsl considering how our audit work 8ddre8sed the detection of Irregularftle8, we 81so consklered the likellhood of detection basèd on our 8ppr08ch. Irregularitles arlsing from fraud are Inharentty more diffioult to detect than those arising from enor. Pag8 13
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmlted by guarantso} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAFFORD INDEPENDENT GRAMMAR SCHOOL (CONTINUED) Because of the Inherent limitstions of an 8udtt, there is a risk that we 11 not deteGt all iffegularltles, Induding Ihos& le8dlng to a material m1881atemenl In the financial statements or non-Gomplian¢e with regulatlon. The rlsk Increases the more that compjiancè a law or regulation is removed from tho events and transactions reflected In the financial 81atements, as we wlll b8 less lik81y lo become aware of instances of non-compllanGe. The rlsk also greater regarding irregularities occufflng due to fraud rather than error, 88 fraud Involves Intenllonal concealment, forgèry, ¢JYlusion, omisslon or mlsrepresentallon. A further descrfpllon of our respon$ibilitios for the audit of thg fftnandal ststements is located on Ihe FlnanclaS Reporting Council's webslte al: www uditorsre8 onsib lil Thls dgscription fomis part of our Audrtols report. Uso of our report This r8pDrt is made 8oleEy to the c*)arltabl8 Gompanvs memb8rs. as a body, In aGcordanGe wlth Chapter 3 of Part 16 of the Companles Acl 2¢)06. Our audit work has been undertsken so Ihat we might state to the charitable companvs members those matt6rs we are required to stale to them in an Auditorfs report and for no other purpose. To the fullegt exlenl pemiitted by law, we do not accepl or assume resFX)nsibility to anyone other than the charitable company and Its members, as a body. for our audlt work. for this r8POrt, or for the opinions we have formèd. Glen Bott FCA (Sgnlor statutory audltor) for and on behalf of Cooper Parry Group Llmllod Chartered Accountsnts Statutory Audltor Cubo Blrmlnghan) Office 401, 41h Floor Two Chamb8rlaln Squar6 Blrmingham B3 3AX Date: 10 February 2023 Page 14
8TAFFORD INDEPENDENT GRAMMAR SCHOOL IA ¢ompany Ilmlted by guarantse) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Totsl funds As restatsd 2021 Unrostrlcted funds 2022 Rostrl¢ted funds 2022 Totsl nds 2022 In¢ome from: Donations and legade8 Charitabl8 8Ctlvitie8 Oth&r trading activities Investrnents Other income 6,470 4,624,444 6,733 927 80,462 5,132,856 37,491 2,315 5.132.856 37.491 2,315 Totsl Income 5,172,662 5.172.662 4,719.036 Exp6ndlturo on: Ralslng funds Charitable a¢tfviti&s 2.970 4,9.984 2,970 4.924,349 7,313 4,497,605 23.365 Total expendlture 4.903,954 23,365 4,927,319 4,504,918 Net InGomo1{oxp8ndlturel Transfers botween funds 268,708 (1,8031 (23,365) 1,803 245.343 214,118 19 Nèt movomant In funds 266,905 (21,5621 245,343 214,118 Reconclllatlon of funds. Tot81 funds brought forward N8t movement in funds 4,996.065 266,905 21,562 (21.5621 5,017,627 245,343 4,803.509 214,118 Total fund8 carrfed forward 5,262,970 5,262,970 5,017,627 The Slatsmenl of Flnand81 includos all gains and los$e¥ reo)gnl8ed in Ihe year. The notes on pages 18 to 35 fomi part of these financial statements, Page 16
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A ¢ompany Ilmlted by guaranteè) REGISTERED NUMBER: 01657702 BALANCE SHEET A8 AT 31 AUGUST 2022 As restated As restatsd 2021 2021 2022 2022 Note Fixod a800ts Tanglble assets 13 4,277,508 4305.863 4,277.50B 4,305.863 Current a88&ts Slocks DabtOTS Cash at bank and in hand 14 15 3.791 52,443 1.503,083 5,220 51,596 1,234,426 1,559,317 1.291,242 Creditor8: amounts f8lllng due withln one year (573.855) (565,980) Net current 0$6ets 985.482 725,262 Total a88ets le88 Current Ilablllll¢s 5,262,970 5,031,125 Provlsions fi)r liabllltles 18 (13,4981 Total nel assets 5,262,970 5,017,627 Charlty funds Re8tcted funds unrestricl8d funds 19 19 21,562 4,996,065 5,262.970 Total funds 5,262,970 5,017,627 The Gov8mors acknowledge their responsibllllies for Complng with tho requir8ments of the Compani88 Act w4th respe¢t to accounting record$ and preParaOn of flnancial statements. The finanual statements were approved and avthorfsed for issue by the GovenJ)rs and slgned on thelr behair by: Mrs J Causer Chair Dal8'. 1 February 2023 The notes on page8 18 to 35 form p8rt of flnanclal 6tatements. Pago 16
STAFFORD INDEPENDÈNT GRAMMAR SCHOOL (A company Ilmltsd by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash Ilows from operntlng aGllvltlo9 cash usod In opefaljng a¢Uvkt1&8 481.008 525.307 Cash flows from Invèsting odlvltles InvestrM8nt Income r8celpt8 Purchase of tanglble fixed a$$ets Flnance costs paid 2.315 927 (180,200) (276,7571 (2,9701 {7,313) Net cash used In Invostlng a¢llvftlo8 {180,8551 {283,143} C•8h flows from flnan¢lng actlvltles Repayments of borrowlng {31.4961 158,8001 Net Cash u8od In Ilnan¢lng actlvlti (31,4961 158,8001 Change In cash and cash oqulvalonts In th& year Cash and cash equlvalents at the beoinning of the year Cash and ¢ash oqulvalonts at the end of the yoor 268,657 1,2S4,426 183,364 1,051.062 1,503,083 1.234.426 The notes on pages 18 to 35 form part of these flnanclal statements Page 17
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA Company Ilmlted by guarant9&) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Géneral Inlomiatlon Stafford Indapendent Grammar Schod {the School) is an Incorporaled charllable company which 18 Ilmlted by guarantee, Iregislered company no. 01657702), (charity no. 513031). reglstered In England & Wales. The membors of th8 company are the Govemors namod oll page1. In the event of the School b&lng wound up, the liabllty in respect of the guarantee is Ilmlied to £1 per member of the School. Th8 School'$ reglstered address and prlnclp81 plaGe of business 1$ Stsfford Independenl Grammar School, Burton Manor, Stafford, Staffordshire, ST18 9AT. Accountlng pollcle• 2.1 Basls of proparation of Ilnanelal statomonts Tha finan¢ial statements have been pr9pared in accordance with tho Charilles SORP IFRS 102) - A¢c<Junting and Reporting by Charlti09= StstQfDent of Recommended Pra¢Uog appllcable to charitye$ preparing th6ir accounts in accordance wlth tho Financl81 R&portlng Standard appllcable in the UK and Republlc of Ireland IFRS 1021 {&ffe¢Uve l January 20191. the Flnandal Reporting Standard applicable in the UK and Republlc of Ireland IFRS 102} and the Companles Aot 2006. SlaffMI Indopendenl Grammar Sthool me&ts the daflnition of 8 publlc benefit entity under FRS 102. Ass&ts and liabllities are Initially Trcogni86d at hlstorlcal cost or transadton value unle8S OtheNlse stated In th9 relevant accountlng pollcy. Tho flnancial slalements are prepared in steding. whlch Is the functlonal rrencY of th8 School. Monetary amounts In these financtal stalgments ar? rounded to the n6ar8St £. 22 Going concern It is ¢iitical that shorifalls are ts¢kled In tUTbulgnt time8 88 fin8n¢lal re$lllen¢e wlll hèlp the School to slay flexible and adaplable to unexpected changes in pupil numbers and to manage unplann8d costs. The expenditur8 of tha School Is dominated by staff salarlès whlch amount to 70010 of net Income, nevertheless opportunltl8$ for reducing costs, without adversely affectlng p8rform8nce, are id6nlifl8d and actioned when possibla. A long term loan was paid i)ff in December 2021 so the School is now debt fre8. Al the year and the School had cash of £1,503.083, After maklng appropate enqulrio5, includlng conSIderaOn of cash flow forecasts to the end of FY2024, thg Governors hava conduded that It Is reasonable lo expect that the School wlll gonerate $uffici8nl resources tr) continue In operalknnal ex181en(% for the foreseeable future and meot all of its financl81 obllgatlons. 11 Is Gonsld6red that, after examlnlng Ilkely future ra$k$ to the business Ilncluding the mo$t recent risks caused by the e¢onoml¢ shock of the confll¢t In Ukralng). that there wlll be sufflclent funds to connu8 In operatlon should one of those sks m8tsrfalls8. As a matter of course Govemors conslder the financial rfsks lo the School al formal meetings and also Informally on a monthly basls by reviewing the management accounts. For Ihl$ reason tho Govemors have conllnued to adopt a going concem basts In kyepaflng tho School's financial stal8m6nts. Page 18
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmltgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAk ENDED 31 AUGUST 2022 Accounting polS¢168 Icontlnued) 2.3 Incom0 All income is re¢ogni8ed once the School ha8 enlitloment to the income, li L8 probablo Ihat the Income will be re¢elved and the amount of Income recelvable can be me88ured relbly. Donations are rewgnlsed on a receivable basls wher8 there Is certainty of recelpt and the amount can be reliabty measured. Income tax recoverable In relation to donatlons CeIVed under Gift or deeds of covenant Is recogni88d at the tlme of the donation. F88s r8coivable 8nd ch8ryes for sÈrvlceg 2nd use of premlses are accounted for in the perfcNJ In which the servlce is prDvid8d. Fees recelvab16 are stated after dedudng allowances, sGholarshlps and other remlsslons granted by the School. Scholarshlps are assessod and awarded on a pupll's merit. Bursarlos are considerad on the ba8ls of a declarallon of Incom8 and Ilabilitias from the parents applying for such an award. Othor inGome relates to income from the corona8 Job Retention S¢h8me. Thls Ss a gov6mment grant and is therefore.recognised in the pertod that it Is recelvable. Where entitlement CUrS before income is re¢eiYed, Ihe income is accrued. 2.4 Expendlture Expendllure Is TrcogntS8d once there is 8 I8g81 or constructive obllgatlon to transfer economi benefit lo a third party. it 18 probable Ihal 8 transfer of economic beneflts will be required In setuement and the amount of the obllgalion ¢an be measured reliably. Expèndlture Is dassified by acvity. The costs of each activlty are made up of the total of dlro¢1 cA)sts and shared costs, Includlng support cosls involved in undertaklng each actlvity. Direct rx)sts attrlbulable to a slngle activity are allocated directty to that activtty. Shared c08ts which conlribute to more than one activity and support cost$ which are not attrfbutable to 8 glngle actlvity are apporttoned be88n those actIV88 on a bas1$ conslstent with th& use of resourcas. Central st8ff eA)Sts are all¢xated on the basis of time spant, and d8preciation charges 8110¢8ted on the portlon of the a8saVs use. Support costs aro those c08ts Incurred dlr8¢dy In 8UPPQrt of 8xp8nditure on th& obje¢ts of th• School. Charitable aclivRies and governanc8 costs are $ts Inrred on thè School's educalonal oper8tions, including support ¢osts and costs relallng lo the govemance of the School apporUoned to charllable activitie5. Cosls of raising fvnds are those ¢08ts incurred In attracting Income and those incUed in trading a¢tivllle$ that ralse funds for the School, Atl exp6ndtlure is indu8ive of irre¢overabl8 VAT. 2.5 Intsro8t ro¢elvable Interest on funds hekl on deposit 18 induded when receivable and the amount can be measured Ilably by the Schix)l- thls Is nomially upon not6flcatlon of the Interest pald or payable by the bank. Page 19
STAFFORD INDEPENDENT GRAMMAR SCHOOL {A company Ilmltod by guarante•) NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Acwuntlng poll¢les (oontlnued) 2.6 Tanglblo flxod a88018 and dopreclatlon Tangible fixed ass8ts c08lng £1.0(Kl or more are capll8118ed and recognised when fvtur¢ eGonomic b&ngfit8 aro probab18 and the cost or value of the asset can be measured reliably. Tanglblt fixed a88ets gre Intualty recognlsed at cg)sL After re¢ognttion, undèr the Cost model, langlble flxod as8et8 are moasured at Gost le88 accumulaled depreciallon and any ac¢umulalod Impaim6nt losses. All costs Incurred to bring a tanglble fixed 88S6t Into its InterKled working conditlon should be Included In Ihe moasuram6nt of c08t. D6procl8tlon Is charged $0 es to ellocate tho cost of tangtble flxod 8ssets16ss their residual value over thair esllmaled usefvl IIv6S. . Depre¢laon Is provlded on the followlrnj basi8: Froehold propety Motor vehld88 Flxtur88 and fittlngs Offlce equlpment Other ftxed asset8 /0 Straight Ilne 20% 8tralgM Ilne 10Vlo Stralgm Ilne 21)% stralght Ilne 20% straight Ilne The assets, r88ldu81 v81ue8, useful Ilves and deprèclalon methods are reewed. and adjLfSted prospecllv81y If approprfate. or If there Is an Indicatlon ot a slgnificant chango slnce the last reportlng date. Galns and Ioss88 on dS$posaEs are determlned by comp8rfng the proceeds th the carrylng arnnt and ara raco9nl88d In thg Statement of Flnanci&l Activ5tle8. 17 Stocks Stocks are vatued at tha lowèr of cost and net rea1188ble value after making duè allowance for obs016ts and slow-movlng stkS. 2.8 Dobtors Trade and other dèbtors are r8cogn18ed at the settlement amount after any fee dlscounts offered. Prepayments are valued at the amount prgpald net of any trade dlsts)unts d. 2.9 Cash at bank and In hand Cash at bank and In hand Includes cash 8nd Short-tsrm hlghly IVId Investm8nls wlh 8 Short maturity of three month8 or 1688 from Ihe date of acquislllon or openlng of the deposlt or similar account. Page 20
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollcles Icontlnuodl 2.10 Llabllliles and provlslon8 LiablliÈle$ are rewni8ed when there is an obligalton at the balance sheel date 88 8 result of a past event, It is probable that a transfer of economlc benefft 11[ be requlred In settlement, and the amount of the selllement can be estimated reliably. Llabilitlés are recogni8ed at the amount that the School anliclpates it wlll pay to settle the debt or the amount it ha8 received as &dv8nced payments for the goods or servlces r( must provide. Provisions are measured at the best estimate of the amounts requlred to settle the obllg8llon. Wher6 the effect of the time value of money is matérial, the provislon Is based on the pr88enl value of those amounts, discounted al the pre-tax dlscount rate thal refflects the rlsks specffic to the liabllity. The unwindlng of the discount is recy)gnised In thg Statement of Hnanclal Actlvitl6s as a finance cost. 2.11 Flnanclal Instruments The Sche1 only has financlal assets and finanGial babillties of a klnd Ihal qual as baslc financial Instrumenlg. B8slc financial instruments aTr InltialEy cOgnIsed at Ir8n8action value and subsequently measured at thoir settlement Value with the eXPOn of b8nk loans whlch are subsequently measured at amortls6d cost uslng the effectlve Interest method. 2.12 Operatlng lea8es Rentalg paid under operating 18a8è8 are dlarged to the Ststement of Financl81 Activllles on str81ght Ilne basig over the18g88 term. 2.13 Ponslon8 The School operates two d8fined contribution penslon schemes and pension ¢h8rge represents the amounts payable by the School to the schemes. funds In respect of the year. 2.14 Fund acciwntlng General funds are UnStrIcted funds whlch are avallable for u8e at the dlscrelion of th6 Govemors In furtherance of the general oblecttves of the Schod and whlch have not been designated for other purposes. Designatèd funds cornprtse unrestricted fvnds that have been set aslde by the Governors for particular purpo88s. The aim and use of each deslgnated fund Is Set out In the note810 the finandal statoment8. Restricted funds ar6 funds which are to be used in accordance with specFfiG restrldons Impoyed by donors or which have been raised by the School for parbcular purposes. The Gosts ol ralslng and admlnistering Such funds are ¢harged agalnst the specific fund. The aim and use of each restricted fund18 set out In the notes to the financiai statements. Page 21
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmtted by guarantee) NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng poll¢lo8 (CrtInU•d) 2.15 Crlll¢al a¢¢ountlng estlmatss and ar•as of Judg8mont E$limales, forecasts and judgomenls are regularly evaluated and based on historlcal data, chang0¥ In School or national polictes as w811 as predlcted fulure trends that are bolioved to be reasonable or Ilkely under the prevailirg clrcumslances at the time. The Su1ng forecasts will always have m8rgin of uncertainty and rarely b8 an exact match for a¢bJ81 outiurns d@pendIg on the fidelity of the assumptions used in constrCtIng the forecast Notwithstandlng thè current economlc uncertalnty, the Gov8mors con8ider that auntIng fore¢881¥. as$umption3 and judg8m8nt8 made 11 not have a signiftcant difference to the amounts of 8sset$ and IlabllStl8s carried forward in the next flnanclal year. Depredation polici68 are applled to each asgel catsgory In order lo reflect th8 useful oconomic lifè of the assets. It is considered that there aro sufflcl6nl procedures. policies, checks and controls In place to monltor the financlal health of tho School on a near continual bas18. The School also makes judgements regardSng the recovery of debt from trad& debtors. If these are not bell8ved to be reooverable based on their knowledge and exporience. then these amount8 will bo prowded for in the accounts of the School. Incomo from dOnaon9 and legacles Unwtrl¢t&d fund¥ 2022 Total funds 2022 Total fund8 2021 Donations 6,470 Totsl 2021 6.470 6,470 Incomg from charltsble actlvlti Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Gross sthool fees Scholarships, lyJr8arfes and dI8Unts Other education Income Donatlons 5,621,409 5.621.409 5,229,708 {971,348) (971,348} (887,232} 482,795 482,795 282,012 {441 Total 2022 5,132,856 5.132,856 4,624,444 Total 2021 4.624,444 4,624,444 Pago 22
STAFFORD INDEPENDENT GRAMMAR SCHOOL {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Investment in¢oma Unrestrl¢lod funds 2022 Total nds 2022 Totsl funds 2021 Bank intsrost 2.315 2,315 927 Tolal 2021 927 927 Other Income Unro8trlcted funds 2022 Tolal fvnd8 2022 Total fund8 2021 Coronavlrus Job Retention S¢heme 80,462 Tolal 2021 80,462 80.462 Expendlture on ralslng fund8 o$ts of ral$lng voluntary In¢om& Unrostrictod fvnds 2022 Total funds 2022 Total funds 2021 Bank Interest and charges 2,970 2,970 7,313 Total 2021 7,313 7,313 Page 23
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company Ilmltsd by guarantO0) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysi8 of •xpendllur¢ on ¢haritable actlvltles Summary by fvnd typo Unroslrf¢tsd Re$trlct¢d funds fund8 2022 2022 Total 2022 Total 2021 T6aching Prep Schoc Transport Sports H811 Premlses Governanco 3,131,853 627,950 299,478 31,403 758,943 51,357 3.131.853 827,950 299.478 31.403 782.308 51.357 2.852,172 663,790 215,409 26.198 712,081 27,955 23,365 4.900,984 23,365 4.924,349 4,497,605 rotsl 2021 4,494,667 2,938 4,497.605 Summary by expendlture typo Staff costs Depreclation Othgr costs 2022 2022 2022 Total 2022 Tolal 2021 T68chlng Prep School Transport Sports Hall Preml$es Govemance 2,248.959 601,871 201,195 882,894 26,079 98,283 31,403 23,365 51,357 3,131.853 627.950 299.478 31,403 782,308 51.357 2,852,172 663,790 215,409 26,198 712,081 27,955 550.388 208,555 3,602,413 208,555 1,113,381 4,924,349 4,497,605 Total 2021 3,470.267 187,848 839,490 4,497,605 Page 24
8TAFFORD INDEPENDENT GRAMMAR SCHOOL (A ¢ompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysls of expendlture by actlvltl88 Actlvltlos undertakon dlreGtIy 2022 Support ¢08ts 2022 Total lund8 2022 Total funds 2021 Teaching Prep School Transport Sports Hall Pr•mlse$ Governance 2,556,986 598.648 299,478 31,403 574,867 29,302 3.131,853 627,950 299.478 31.403 782,308 51.357 2,852,172 663,790 215,409 26,198 712,081 27,955 782,308 51,357 3,486,515 1,437,834 4,924.349 4,497,605 Total 2021 3,199,835 1.297,770 4,497,605 Analys18 01 dlrgct costs Total funds 2022 Tolal funds 2021 Teachlng Prep School Transport Sports Hall 2022 2022 2022 2022 Staff costs Subject materials and supplies School transport 2,181,175 574,957 201,195 2,957,327 2,857,582 140.427 20,607 161,034 128.815 73,421 73.421 985 Semlnars and training courses Travelllng and motor expenses Llght 8nd heat Catering costs Sundry expenw6 - sport8 hall Marf(etlng 5,356 2,935 8,291 10,109 1.187 149 98,283 99,619 26.284 104,356 64,026 22,203 57,619 26.284 104,356 5,119 5,119 51,064 3,995 54,701 51.064 2,556.986 598,648 299,478 31,403 3,486,515 3,199,835 Tolal 2021 2,326,131 632,097 215,409 26,198 3,199,835 Page 25
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 At)atysl$ of oxpondilure by actlvltles {contlnued) Anaty81$ of support costs Total fund5 2022 Total fund¥ 2021 Tea¢hlng Prep School 2022 2022 PremlwJ Govomanco 2022 2022 Stsff costs Depreciation Postage, printlng, slaUon0ry & adv8rti8lng Insurances Markeung Telephone Mainttrnan and repairs Business & water ralos Llght and heat Sub8¢riplion8 Cleaning L&asing chargas Sundry expens68 Consumable computer expenses Prof&s$lonal fe&s Bad dabts 67.784 26,914 55D,388 208,555 645.086 208,555 612,685 187,848 4.836 53.240 10,317 17.568 4,598 47,493 10,317 17,952 53,240 10,317 17,568 79.260 23,365 102.825 83,304 39,575 57.539 42,729 18,247 84,918 33,476 39.575 57.539 44.422 18.247 84,916 34,171 34,624 49,077 45.116 19,092 106,266 22,780 1,693 9,496 5,408 50.476 9.496 56,765 50.476 6,778 31,216 18,624 51.357 574,867 29,302 782,308 51,357 1,437,834 1,297,770 Total 2021 526,041 31,693 712,081 27,955 1,297,770 10. Audltorfs remuneratlon 2022 2021 Fees payable to the ch8ritsble company8 aLKlllor for the audit of the ¢harftable comp8nY5 annual accounts Fees payable to tho Charltsblg compaDVs auditor in re8P6rt of.. All rNaudIt servlces not Included above 11,000 1.500 Pag8 26
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. Staff costs 2022 2021 Wages and salaries Sodal security costs other pen8ion co$ls 2.904.750 284,767 412,896 2,812,829 256,829 41)0,609 3,602,413 3.470.267 Thè averag6 numb6r of p8rsons employed by the charitable company during the y88r was a8 follow8: 2022 No. 2021 No. Teathing Staff Support staff 82 53 48 115 104 The number of empk)yee8 whose employe8 beneffits lexdudlng employer p&nslon Costs) exceeded £60,000 was.. 2022 2021 In the b8nd £60,001- £70.000 In the band £80,001- £90,000 The total remuneratlon and beneffts re¢elved by key management personnol for the y&ar was £437,972 12021= £332,287). Setllement payments were made to 1 employee {2021: redundancy paymeTts to 7 empk•yeès> totalllng £2,000 {2021.' £41,119). 12. Gov8rnors' remuneratlon and expen8e8 Durlng the year, no Govemors recelved any remunerallon or other benelhs (2021- £NILI. Durlng the year ended 31 August 2022. no Governor eXnSeS hove been Incurred12021- £NIL). Page 27
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmlted by guarantee} NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 43, Tanglblo fixad assgts (brought forniafd balan¢e8 as ro$tated) Froehold proporty Motor Flxture$ Offlce Oth•r flxod vehlcles and flttlng3 equlpm8nt 08S9ts Total Cosl or valuatlon Al 1 September 2021 Addlllons 5,715.498 ,017 557,073 442,822 1,235.565 59,568 26,645 195,864 8.148,822 3,970 180,200 At 31 August 2022 5,805,515 557,073 502,390 1,262.210 199.834 8,327.022 Deproclatlon At 1 Soplgmber2021 Charge for the year 1.718.Q14 116,745 474,326 19,051 286,574 1,167.644 42,681 27,915 194,401 3,840,959 2.163 208,555 At 31 August 2022 1.834,759 493.377 329,255 1,195.559 196,564 4,049,514 N&t book value Al 31 August 2022 3.970.756 63,696 173,135 66,651 3,270 4,277,508 At 31 August 2021 3.997,484 82.747 156248 67,921 1,463 4,305,863 14. 8to¢ks 2022 2021 Raw matorfals Finished goods 2,583 1.208 3,878 1.342 3,791 5,220 15. Debtors 2022 2021 Due wlthln one year Trade debtors Other debtors Prepayments and acc¥ued Income 46,372 3,134 2,090 4,652 47,169 52.443 51,596 Pag& 28
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmlted by guarantsè} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 16. Credltors: Amounts falllng duè wlthln one year 2022 2021 Bank108n8 Trade creditors Other taxation and sodal security Other cr8dltors Accnjals and def8rred Income 31.496 109,194 67,441 28,857 330.992 31,816 68,888 21,467 451,684 573,855 565,980 2022 2021 D8f8rred income al 1 Septèmber 2021 Resourc88 def&Tred during the year Amount8 r8le88ed from provlous pedods 315,273 304,198 151,648 315,273 {315,273) {304,1981 151,648 315,273 All deferred Income is made up of fees pald In advance. 17. Flnanclal Instruments 2022 2021 Flnanclol a¥sots Financi81 assets m8asured at falr value through Income and 8xp8ndiiur 1,503,083 1.234,426 18. Prov181on$ Exam f90 refund At 1 September 2021 Amounts used 13,4g8 {13.4981 Pao8 29
STAFFORD INDEPENDEfr¥T GRAMMAR SCHOOL (A company Ilmltod by guarantao NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 19. Slatsment ol fundg Statsment of fvnd¥ - eurr6nt yèar r09tstod Balan¢e al 1 Seplember 2021 Balan¢e at 31 August 2022 Transfors Inlout In¢omo Expendlturo Unre8trlctod funds Doslgnatsd funds Slxlh form 6,470 1648) 5,822 G•noral funds Genéral Funds- all funds 4,989.595 5,172,662 (4,903,306) (1,803) 5,257.148 Total Unrestrl¢tad funds 4.996,065 5.172.662 (4,903,954) (1.803) 5,262,970 Ro8trl¢tsd fund8 Performlng arts 21.562 (23.365) 1.803 Total of fund8 5,017,627 5,172.662 (4.927,319) 5,262,970 Page 30
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A Compony Ilmlted by guarantsèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 19. Statement ol funds Iconllnuedl Statement of funds - prlor year As re$talgd BalanGe at 1 Septombgr 2020 As rostat•d Balan¢e at 31 August 2021 In¢ome Expendlturg Unrèstrlcted funds De8lgnated fund8 Sixth form 6,470 6,470 Goneral fund8 General Funds- all funds 4,779,009 4.712.566 {4,501,9801 4,989,595 Totsl Unrestrlcted funds 4,779,009 4.719,036 {4,501.9801 4.996,065 R¢slrfctsd funds Performing arts 24.51x1 (2.938) 21,562 Totsl of fund8 4,803,509 4,719,036 (4.504,918) 5.017.627 The d6slgnated furKI relat8s to a donatlon made in the y8ar whlch has been 811ocat8d to the sixth fom). The r8stricted fund8 relates to a donation In the prior year whlch is io be used fcff perfoming arts and theatre renovation. Page 31
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmltod by guarantse) NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 20. Summary offunds Summary of funds- current yoar As restated Balanco at 1 Soptsmber 2021 Balance at 31 August 2022 Tran¥fef8 Inlout Income Expendllure Designated funds General funds Rostflcted funds 6.470 4,989,595 21,562 (648} 5.172.862 (4.903,306) (23.365) 5,822 (1,803) 5,257.148 1,803 5,017,627 5,172,662 {4.927,319) 5.262,970 Summary of funds - prlor Yr- as roStat0d As reslatsd Balance at I September Balan¢0 at 31 Auou$t 2021 Income Expendlturo Deslgnat8d fund8 General fvnds Reslrlcted funds 6.470 6.470 4,712.566 {4,501,9801 4,989,595 {2.938) 21,562 4,779,009 24.51)0 4.803,509 4.719,036 {4,504,918) 5,017.627 21. Analy$l$ of not as80ts botWOgn funds Anoly8is of not assgts1)gtwoen funds - curront yèar Unrostrfctsd funds 2022 Total funds 2022 Tangible a$8et8 Current assets CditorS due wsthin on8 year 4,277,508 4,277.508 1.559.317 1.559,317 (573,855) (573,8551 Total 5,262,970 5,262,970 Page 32
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A ¢ompany Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 21. Analys1$ of net assets between funds {contlnued) Analy$l$ of not asyets between funds - prlor year- as restated Unrestrlcted Restrlcted lunds funds 2021 2021 Total funds 2021 Tangible flxed assets Current 8ssets Credltors due within one ye8r Provlsions for liabllllies and charge8 4,305.863 1269.680 {565,980) (13,498> 4.305.863 1,291,242 (565,9801 113,4981 21,562 Total 4,996,065 21,562 5,017,627 22. Reconclllatlon of not movemenl In funds to net Cash Ilow from opgrating aGtlvltles 2022 2021 Not income for the year (a$ per Slatement of Financial Activities) 245.343 214,118 AdJu8tment8 for: DepC[alon charges Investrngnt incomo Loss on the sale of fixed assets Decrease In stock8 Decreasollin¢raase} In debtors Increase in creditors 208,555 {2.315) 187,847 19271 1,530 146 97,943 17,337 7,313 1,429 1847} 25,873 2,970 Flnancing )81$ Net oash provldod by operatlng aotlvltle8 481,008 525,307 23. Analysls of cash and ca8h equlvalents 2022 2021 C88h in hand 1,503.083 1,234,426 Total cash and cash equlvalents 1.503,083 1,234,426 Page 33
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmlted by guaranteè NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 24. Analysls of chang88 In net d¢bl 8eptsmbor At31 2021 Ca$h flows August 2022 Cgsh 8t b8nk and In hand Debt due wthln 1 aT 1,234,426 (31,496) 268,657 31,496 1,503,083 1,202,930 300.153 1.503,083 2& Capltal ¢ommltmonts 2022 2021 Contractèd for bul not provlded In these flnanclal stalèments Acquisltlon of tangible fixed assets 64.970 26. Penslon commltments The School contributes lo Iwo defined conlribution schomes adrninistored by Standard Life and Aviva for the bengflt of eligibl8 support stsff employees and taachers respectively. The p8nsion cost charged in Ihe accounts is the amount payable by thg School during th8 year which amounted to £412,896 12021.. £400,609). Conlribulions totalling £7.361 12021.. £8,884) w&re pay8b16 lo tho funds at the Balanco Sheet datg and 8re induded in olhor ¢dItorS. Oporating lease commltment8 At 31 August 2022 the charitable company tTad commitments to mak8 future mlilmum lease payments undor non-cancellable operating16ases as follows.. 2022 2021 Not later than 1 year Later than l year and not later than 5 year8 68,428 48.471 64,227 91,313 116,899 155,540 Relat8d party trangacllon8 Ther& were no rolated party transactlons noted In th6 yèar. Theffj wore rrf) truste6 expenses that occurred In tho yoar {2021.' none). Two12021'. iwol of the Govomors havo children or grandchildren at thè Schwl. P8ge 34
STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmlled by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 29. Controlllng party The School, havlng no share ¢8Pital, is under the control of the Board of Governors. who ar8 a150 the Trustees and the Directors of Ihe School. Prlor year adJu5tmènt The tanglble fixed assets opening cost and depreallon have been re8tated lo agree to the School's fixed 8sset register following a review of the hlstorfcal assets recorded In Ihe fixed 8S8et reglster and the depredalon charged thereon. The restalement has rasulled in a decrease to the tanglble fixed asset net book value at the start of Ihe year of £76,736 with a corresponding reductton in the brought forw8rd res8rves. The full impact was to unrestricted raseoS. Page 35