Rggistered number: 01657702 Charity number- 513031 STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) CONTENTS Page Reference and administrative detsil$ of the charitable company, its Governors and advisè Governots. report lin¢orporating strategic report) Independent auditors. report on the finan¢ial statwnents Statement of financial a¢tiviti8s 2-10 11-14 15 Balance sheet 16 ststement of cash flows 17 Notes to the financial statements 18-35
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS GOVERNORS ANO ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Govemors Mrs S Bums Iresigned 18 October 20231 Dr M L Bush Iresigrhed 27 September 20231 Mr T Carson Mrs J Causer. Cha Rev J Daws MrASFirth Mr J Johnson Mr B W J Phillips Company registered number 01657702 Charity registered numbèr 513031 Registered office Burton MarT Stafford Staffordshire ST18 9AT Company secretary Mr S R Baum (resigned 6 February 20231 Mr T Collier lappornted 1 November 20231 Chief executive officer Mr N Pietrek Independent auditors Cooper Parry GToup Limrted Statutory Audrtor Cubo Birmingham OffKe 401. 3rd Floor Two Chafflberlain Square Birmingham B3 3AX Page 1
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Govemors of Stsfford Independent Gramrnar School Ilhe S¢hool"I present their annual report together wrth the audrted financial stalemenls for the year ended 31 August 2023. The School also operates under the name St8ffoTd Grammar SchC)E. AIMS AND OBJECTIVES Policiès and obje¢tiv•s The School's principal objedive is lo promote and advance education. The School provides education for boys and girls In Stafford and the surrounding areas from the ages of 4-18. Stafford Grammar School comprises the Preparatory School 14-111, Senior School 111-161 and Sixth Fofm116-181. Slafford Grammar School aims to ensure that all pupils fu11 their academic and personal p(Aential wrthin a canng family atmosphere and where pupi15 are known as Individuals and nurtured accordingty. The School slnves to create a Community of happy, caring and confident indiwduals. Dunng the year the sch( averaged 444 pupils12022". 4351. Almost all Year 6 pupils from the Preparatory School moved into the Senioi School. In pursuance of the Schrx)I's principal objectives and rt5 chafrtable stslus. the School.. Awaids scholarships and bursaries to encourage exllenCe and to enable children from families. who would not otherwise be able to afford to pay lees. to access the education the School offers. Has the necessary power5 to conducl and devdop land if appropnate make acquisrtions relating tol the School. Objectives for the year ended 31 August 2023 Our main objectives weTe". To maintain and enhan the pupil roll. To continue to wden access lo education ar7d continue to promde a public benefft. To maintain current high levels of academic achievement through consistent exlIent perforTnan¢e in public examinatbons. at the same time as maintaining our sporting and cukural activities. To maintain a long-tem sustainable financial resIlEn in the light of the Continuing challenges faced. Considerations 1¢yant to achièving objectives The effect of the current economic climate and the affordabilty of fees by our pants. To keep lurtion fees as low as possible given the aims and obiectives of the School. Class sizes of a maximum of 20 as far as reasonabty practicable at Key Stage 2 and above, which allows pupils Iirne to develop academKalty and attain well-rounded personalrties Maintaining the current hfgh level of academic achievement as measured by external publK examinalions and Independent stsndardised assessment criiena. Maintaining a reasonable nel surplus level against a continuing threatening polrtical environment by ensuring that strategies for controlling costs and ¢aptsl expendrture continue lo be iobust and effective. Maximising access to the School still further by the promsion of means-tested buisanes. The S¢hool continues to strwe to make the fees affordable lor parents to enable them to keep their children at Stsfford Grammar School and lo attract nev4 famil*s to the School. PUBLIC BENEFIT The School remains committed to the aim of providing public benefit and offerifig wider access to the education the School offers. by awarding scholarships and means tested bursanes to those unable to pay for an Independent educatK)n. Page 2
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA Company limited by guaranteel GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 During the year. the School awarded bursaries and scholarships lotalling £683,934 12022. £689,287110 142 12022. 1231 pupils. Within this lolal, means-lesled awards. based on a sliding scale according to family financial circumstances. lotalling £390,72412022. £364.0861. were awarded lo 77 pupils 12022. 60 pupils), equivalent lo 2812022. 241 full Senior School fee paying places. In addition lo bursaries. the School has engaged In a number ol activities that provide a public benefit. A5 an example. the School enters into arrangements with local maintained schools. under which their pupils attend an annual choral day event Involving a series of leaching workshops culminating in an evening show for parents. Also, loeal community groups and organisations have benefited from being able to use the wide range of facilities and resources available al the Sehool. Charitable sUPPOrt and actlvltles During the course of the year £5,341 12022. £5.4551 was donated lo charities supported by Slafford Grammar S¢hool. These included the Bee Friendly Trust, Child ol Mine, Read for Good. Young Minds. Children In Need, Save the Children. Acorns. House ol Bread, Cancer Research, Syria Earthquake appeal. Amazon Smile, Hearts and Hands, Severn Hospice and the RSPCA. The School community also makes a large food donation to House DI Bread al our harvest leslival lo support families In the local community. All pupils are expected to take part In supporting Charities through form challenges In which they plan and design a fundraising aelivity and nominate a char11y 10 5UPPOrt. Fundraising performanco There were no donations and legacies in the year12022 £nonel. From Sfjplember 2023. the S¢hix)I has been fundraising lor relraclable seating for our theatre space. All fundraising aclivilies for the School are carried out by School staff with assistan¢e from the parents and pupils, and are monitored by the Headmaster and Director of Finance and Operations, with overall oversight by the governing body. The School has an active Parent Teacher Association IPTAI. who works closely with the School. Various fundrai51ng events are held through the year by the PTA, and funds are provided by the PTA lo the School for specific requests. No eomplainls felaling lo fundraising activities have been received by the School during this financial period. The School does not currently subscribe lo any specific fundraising standards or schemes lor fundraising regulation but considers that It has sel appropriate slandards for Ihe operation and managomenl of ils fundraising activities. ACHIEVEMENTS AND PERFORMANCE Revlew of significant activitie$ a. Curriculum The National Curriculum provides the basis for Slafford Grammar School's broad and balanced curriculum. The School encourages excellence In all area5. Clas5 sEes are Sfnall. which enables Individual attention for each pupil and personalised tracking of progress. Option5 for GCSE are chosen al the end of Year 9 lallhough some subjects Introduce GCSE content In Year 91, and support Is provided for pupils In making their choices. Typically. students begin the Sixth Form with 3 A-level subjects Almost all students go on 10 study al university Iwith a small number choosing degree apprenlice5hipsl, many al Russell Group univer511ies and the majority ol student5 go orTr lo study al their fir51 choice university. Personal. Social. Health and Economic Education IPSHEEI and Relationships and Sex Education IRSEI is covered through our dedicated 'Lrfe and Wellbeing programme and pupils receive lessons in each fortn1ghlly Page 3
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 cycle In addrtion to the RSE curriculum, the School puls on additional 'dropdown' days with dedicated lime off timetable for each year group to IOCLJS on a range ol RSE topics. We have also launched a Cross-schools project with another Independent school lo educate and engage students In responding to Issues around sexual harassment In society and the signif1canl 155ues raised by the Everyone's Invited website. b. Examinatlon results and academic achiovamonts The School achieved a 100°/D pass rate al A Level with 61010 ol grades al A'_B. In line with the national trend, the percentage of A'.B results achieved In 2023 was lower than for 2022. 6 pupils lor 15Q/o of the cohort) achieved A. or A grades. The School Improved Ils overall pass rale (Grades 4-91 lor GCSE grades lo 960A In 2023 from 950/0 in 2022. However, the percentage 017-9 grades was down al 34010 compared to 53.10 in 2022. National leagLJe tables in newspapers place our results above those of most local independent and maintained schools. The Telegraph newspaper ranked Slafford Grammar School as 125 In the country for Ils A Level results and the lop independent school in S¢affordshire. Five pupils secured places on medical courses, Pupils have also achieved considerable success In the UK Maths Challenges with 45 pupils achieving Gold, Silver or Bronze certificates. c. The House system Inler-House competition continues lo thrive al the School, with events taking place throughout the year. This provides opportunities for the School lo inslil the values of team work and commitment. Sporting compelilion5 include football, cricket. cross-counlry. hockey, netball and tennis. In addition. the Houses compete In an annual Sports Day al a local 5POrts stadium. The Houses also compete In a technology competition. I'The Great Egg Race'l, a baking competition and a public speaking competition. The three Houses, Anson. Filzherbert and Talbol. signilicanlly add lo the spirit of Slafford Grammar School and the Heads of House maintain pastoral and academic management for all pupils In their House. As well a5 the House activities and House assemblies which build a strong sense of community, there is a lulorial programme delivered during form periods by tutors Some of this programme supplements the formal 'Life and Wellbeing. programme IhroLJgh which PSHEE and RSE Is delivered and other parts of the programme enable students lo appreciate art, music and literature lo enhance their cultural awareness and appreciation. d. Other activititrs The School is fortunate in having staff who are willing to devote time lo a wide fange of extracurricular aclivilies. designed lo enrich pupils, experiences over and above the School curriculum. The aim of these activities is lo develop pupils as conlidenl, articulate and well-rounded Individuals who are well-prepared for Ille beyond School. We have a thriving Forest School for all year groups In the Prep. School to enable pupils lo experience the OLJtdoDrs In a woodland area of our extensive School site. The Fore51 School al$0 builds pupils confidenGe, sell-esteem and a sense ol wellbeing Performing arts- music and drama Music continues lo excel at Stafford Grammar School. with the Musi¢ Department performing around 40 concerts a year. The Music Department runs numerou5 groups and ensembles. Including Big Band and Concert Band The music groups perform In national and International cowpetitions. Several ol our musicians performed with the National Youth Orchestra. Majoi concerts take place In School al Christmas and Easlef. We ran our annual Choral Day. welcoming over 300 Primary School singers from around Staffordshire lo our School for an afternoon of workshops and an evening concert for an audience of more than 700 people. We also visited four Primary Schools as part ol our annual Big Band Roadshow. delIVerng free educational ¢oncerts lo children In local Schools. Other community based projects include Christmas Music In the Community (local supermafkets and retirement homes) from the S¢hool band. the School choir being part of several community Page 4
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 services at st Mary 5 Church throughout the year and pupils providing music lor Slafford's remembrance service as well as playing the last post at 6 other remembrance servi¢es across the county in November. Our Community Band rehearses once a month. and draws member5 of all ages from the local community who perfom in concerts and competitions through the year. 80 ASRBM. London College of Music and Trinity College London exam5 were passed by pupils during the academic year. Drama goes from strength to strength al Slafford Grammar School, with very high*uality productions taking place each year. Typically. there is a junior play (Years 7-91 and a whole school musical production in the senior school. The Prep. School produces at least two plays each year, as well as performing ln their own Christmas concert. The Sixth Form also put on an annual pantomime. Slafford Grammar School pupils are also prepared for LAMDA examinations. with a wide range of students achieving success each year The LAMDA teacher5 in School deliver lessons lo pupils from the Piep School up to the Sixlh Form. 100 pupils look LAMDA exams this year ol whom 76 achieved distinction. The dance and drama studio has proven very popular with students and we have three peripalelic dance teachers delivering a range of dance lessons to sludents as well as use on Saturdays during this year by a local theatre. dance and drama school. f. Sport The School continues lo play competitive fixtures in the following sports. football. rugby. cricket, hockey. netb211 and rounders. In addition. pupils are also entered for competitions in cross-counlry, tennis. alhlelics. eqLJeslnanism. skiing, shooting. gymnastics. dance and swimming. The School hosts the District Cross-country Championships and acts as team managers for the County Finals. The School a150 hosted the U15 and U13 Midlands football tournaments at Rowley Park. Sport has seen some superb successes this year. Individual successes include several pupils who have been selected for dislncl, county and national teams In their various sports, in¢luding alhlelics, cheerfeading. cricket. cross-country. dance. equestrianism, fishing, football, golf, gymna5tiC5, hockey. netball. rounders. rugby. shooting, skiing. speed-skating. swimming. tennis and squash. Some of our team sucSseS lo note include. U12 and U13 District Netball Champions U151U16 District Netball Champions U16 ISA Netball 2nd Place U13 ISA Midlands Football - 3rd Place U15 Rugby 10's ISA Midlands- 3rd U15 County Cup Cricket- 4th U13 and U15 ISA Midlands Rounder5- 3rd ISA Skiing - Senior Girls 2nd British Ouldooi National Schools Championships - 1 sl Senior Team UK Indooi Championships - 2nd U19 Girls Team British Schools Indoor Championships - 2nd Girls Senior Team The School's AslToTurf MUGA Imulti Use Games Areal pitch Installed in 2021 is in regular use for hockey and football training The hiring out of the School's sports hall and facilities during evenings and holiday periods contributed towards the School's commitment lo supporting the wider commLJnity. g. Duke of Edinburgh's Award The Duke of Edinburgh Scheme continue5 to thrive at the School, thanks lo the support and dedication of the staff and enthusiasm of the pupils. During the year, pupils achieved 32 Bronze. 16 Silver and 5 Gold Awards. Page S
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantèè) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 h. School trips There have been several residential trips in the year, including lo trips lo Arele, Brany, Paris. London and Berlin. There has also been the Year 8 bush craft trip. . School transport The School runs a fleet of minibuses in order to get pupils from their home address lo the School which. due to its popularity and convenience for parents. is growing in size lo accomrllodale the increase In demand. Each roule Is reviewed annually lo provide as near as practicable a 'door lo door daily service fof pupils attending School. There Is a knock-on environmental advantage to doin9 this In Ihal rt saves In the order of 100.000 car journeys pei year which would otherwise have had lo be undertaken by parents. An important secondary function Is lo transport pupils lo the many sportin9. musical. curncular and extracurricular venues visited during the couise of the School year. FINANCIAL REVIEW Results for the year The School's nel Incorne surplus lor the year amounted lo £180,30612022". £245,343). The annual fee Increase in September 2022 was 3.5°/.. The School's lolal nel Income lor the year increased by £350.443. up by $.8010 12022" 9.80/ts increase), on the previous year. However. the total expenditure lor the year Increased by £415.480. up by 8.4°1.12022. 9 4°/0 Increase). One of the main objectives of the School is lo maintain the pupil roll at a realistic level and the Governors. principally through the Finance. Development and Audit Committee, regularly review pupil retention and recruitment. including slrategies lo be adopted and activities to be undertaken In support of this key objective ol the School. Key performance indicators The main perfomiance metric5 of the School are pupil number5 and succe5se5 al GCSE and A-levels as well as pupils getting into their first choice university.. these have already been set out in other areas of this report. The future prosperity of the School Is closely linked lo these figures. Some of the other indicators we use to monitor the financial health ol the School are. 2023 970/ 57010 2022 95°/ 53/ 16Q/o /. Costs lo nel Income /0 Teaching salaries to nel income /D Support salaries lo nel income °/0 Nel surplus lo nel Income Current ratio 2.7.1 Whilst the School has improved Income. costs also signrficantly Increased resulting in the teaching salary percentage increasing compared to 2022. Going Concern It is ¢ritical that shortfalls are tackled In turbulent times as financial resilience will help the School to stay flexible and adaptable to unexpected changes in PLJpII numbers and lo manage planned and unplanned ¢osts The expendit(Jre of the School is dominated by staff salaries which amount lo 72.fi of nel Income, nevertheless opportunities for reducing Costs, without adversely affecting perfomiance, are idenlifieLI and aclioned when possible. Page 6
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA cownpany limited by guarantoel GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 The School is debt free. Al the year end the School had cash al bank and in hand of £1.696.245. After making appropriate enquiries, Including consideration of cash flow forecasts lo the end of FY2025. the Governors have concluded that il is reasonable to expect that the School will generate sufficient resources lo continue in operational existence for the foreseeable future and meet all of its financial obligations. It Is considered that, after examining likely future risks lo the business (including the possibility that VAT will be added to tuition fees and bu51ness rates relief will be scrapped). that there will be sufficient funds lo continue in operation should these risks malenali5e. A5 3 matter of course Governors Consider the financial risks lo the School al formal meetings and also infomially on a monthly basis by reviewing the management accounts. For this reason the Governors have ctsnlinued lo adopt a going concern basis in preparing the School's financial slalemenls. Financial and general ri$k management The Governors have assessed the maioT risks to which the School is exposed. in particular those related to the operations and finances of the School, and are satisfied that systems and procedures are in place to mi11gale ils exposure lo the major risks. The principal short and long tem risks facing the School are considered lo be". Affordability of an independent school education lo our parents in relation to household in¢ome and other financial pressures. This is especially true if independent schools lose their exemption for VAT on school fees together with business rates relief. Future enforced lockdowns of the School for heatth or other reasons. This risk will be mrtigaled by the proven ability of the School lo switch lo extensive high quality online teaching of its pupils. Continued economic shock resuming from global conflicts have posed both financial and general risk to the oper*ion of the School which has required very careful management by both the Governors and Senior Leadership Team to minimise its impact on the general operation of the School and its financial wellbeing. Operational costs ol running an Independent school. including staffing. facilities. assets, pension5 and ulililies. The future loss ol business rate relief for Charities would have an immediate irnpacl on the operational costs of the school. Cybercrime attacks on schools. The Impact of this has been mitigated by having strong firewalls and IT proto¢ols In place. The School has used external advice to Improve 115 delence against cybercrirne. and is continually looking to improve our delence mechanisms Including compulsory staff training. In addition, the School carries Insurance against cybercrime. The S¢hool's plan of action lo mitigate the risk of a cyberattack Is under constant review. Regulatory and compliance burdens such as safeguarding to ensure the heatih and wellbeing of our pupils and staff under the protection and guidance of the School. The changing political and social environment and our respon5ivene5s to changes. The macroeconomic impact ol the International Increase In the cost of energy. raw materia15 and goods and services in general together with Inflationary pressures on salaries. Recruitment and retention of quality teachers and support 51aff wrth relevant skills. In the opinion of the Governors, the School ha5 established resovrces and a review system whereby detailed considerations of risk are delegated lo the appiopriale Comfnittees. Risks are identified, assessed and controls established throughout the year. The generic controls used by the School lo mrtigale risks Include.. Formal agendas for all Committee and Board aclivily. Comprehensive strategic planning. budgeting and management accounting. Established organisalional structure and lines ol reporting. Formal written policies. Hierarchical authorisation and approval levels lor financial decision making. Page 7
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Vetting procedures as required by law for the protection of the vulnerable. The Governors regularly review the effectiveness ol current plans and strategies for managing all identified principal risks for the School. Heafih and Safety Is aayS a 5ignifi¢anl area for risk management. The risks range from fire and infrastructure to personal risks These risks are minimised by thorough planning and risk assessment. The Health and Safely Committee regularly reviews the health and safety risks lo the School and best practice to deal with them. Fees The Governors are mindful of the e¢onomi¢ outlook and are aware that lees need lo be affordable and realisti¢. Key financial decisions In the year Included the decision of a modest. below Inflatlon, fee Increase of 3.50/0. applied from September 2022, In order to maintain affordability for parents while providing the funds necessary to meet Inflationary increase5 in expenditure and to ftjrther Invest In the School's buildings. equipment and infrastructure Prin¢ipal funding and reserves policy The Governor5 recognise the need lor prudent financial management and lo have sufficient reserves and cash over the short, medium and long term. The School"s policy is lo hold sufficient ¢ash resetves to enable il lo meet ils short-lem financial obligations In the event of an unexpected revenue shortfall or expenditure increase. The Governors view the development plan for the School a5 the most effedive and prtjdenl way to ensure the long term future of the School. Free Reserves were £1.282.430 which the School calculates as the net funds less those represented by tangible fixed assets. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The S¢hool Is registered as a charitable company Iim11ed by guarantee (number 5130311 and conslrtuled under the Articles ol Association dated 11 August 1982, as amended by special resolution on 1 March 2021. Policies adopted for the induction and training of Governors New Governors are inducted into the workings of the School, Including Governing Body policies and procedures at meetings with the Headmaster and Director of Finance and Operations. The new Governors are also able to attend specialist external courses on the role and responsibililies of charity trustees. Members of the Goveming Body attend internal and extemal trustee training and information briefings designed to keep them Informed and up(Sated on current issues In the sector and regulatory requirements. Pay policy for senior and other staff The remuneration of senior staff members is reviewed annLJally by the Headmaster in conjunction with advice and recommendations given by selected member5 of the Governing Body. The remuneration of the Headmaster Is reviewed and agreed at the Finan. Development and Audit Committee. Reference Is made lo comparison5 contained within independent schools peer group benchmarking survey report5 $0 as lo ensure that the School remains aware of land is able to take Into account) pay and employment condition5 elsewhere in the Independent and slate sector5. Generally. the School aims to recruit. subject to experience. at the lower lo median point wrthin a band, providing scope for rewarding excellence. Delivery of the School's charitable role is primarily dependent upon Page 8
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 our key management personnel and staff costs are the largest Sing eknient of the School's charitable expendrture. Oryanisational structure and decision making The members of the Goveming Bthay. as Ihe chanty Iruslees. a legal responsib for the overall management and ¢onlrol of the School. They meet al least three limes a year. The work ol Implementing their policies is carried out by three committees. which meet as required and report back lo the Goveming Body. These committees are. The Finance. Development and Audrt Committee whKh scrulinises the Schod's rnana9emenl accounts, budget. financial risk and capital expenditure. This Committee also superv1se$ and finalise$ the audited financial slalemenls and annual report for approval by the Goveming Body. The Cwimittee is chaired by Mr Brett Phillips. The EduCatn and Standard5 Committee scrulinises procedures Implemented by the School for regulatory compliance and oversight ol the S¢hool'$ edutIOnal provision. Thg Committoe has been chaired by Dr Marie Bush for the 2022123 academic year. The Health and Safely Committee ensures that all relevant siatulory requirements are being complied with and that the Heatth and Safety Policy requirèments are mel. The Committee is chaired by Mr John Johnson. The day-laY Tunning of the School Is delegated lo the Headmaslef, Deputy Head - Pupils and Staff. Deputy Head - Academic and Operations. Oireclor of Finance & Opefatiorss Ipreviou51y known as the Bursar), Head of the Preparatory Sehool and Head ol the Sixlh Fom) as the key management personnel and Senior Leadership Team ISL Tl. The Headmaster and DITeclor of Finance 8 Operations attend meetings of the Governing 8ody's Committees. PLANS FOR FUTURE PERJOOS The Sch¢)ol has been planning for the ILrture. These plans Include. To continue lo ensure the School srte provides a safe ar attractive enwronment for pupils, 51aff and visitors alike. To provide a happy and secure pastoral environment. in which 41 pupils are offered opportunities for leadership and serviee lo others. To provide a slimulaling and enjoyable learning envifonment in which pupils can develop their academie potential to the full. Developing partnerships wrth businesses through membership of the Staffordshire Chambers of Commerce. To ensure the School play$ a snlnt part in the lrte of the local communty. sharing facilrties and seeking local partnerships wherever possib. Relraclable sealing in the theatre to enable visrtors and parents lo support the plays and musical perforrnances of the pupils. The School is gfatelul for the continued support of the PTA with this endeavour. GOVERNORS, RESPONSIBIUTIES STATEMENT The Governors Iwho are also directors of Slafford Independent Gramrnar School for the purposes of company lawl are responsible for preparing the Governors. Report and the financial slalemenls In accordance with applicable law and Unrted Kingdtyn Accounting Standards Iunrted Kingdom Generalty Accepted Accounting Praclicel. Company law requires the Govemors to prepare financial statements lor each financial year. Under company law the Governors must not approve the finanal statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitab company and of the incoming resources and application of Page 9
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 resources. Including the income and expendrtufe. of the chantable company for that period. In preparing these financial slalements, the Govemors are required lo". Select suitable accounting polioes and then appty them con515tenlly. Observe the methods and principles in the ChafItS SORP. Make Judgments and accounting eslimales Ihat are reasonable and prudenl. Prepare the financial slalemenls on the gtyng concem basis unless Il Is Inappropriate to presume that the charitable company will continue In operation. The Governors are responsible for keeping adequate accounting records that afe sufficient lo show and explain the charitable company's Iransaction5 and disclose wrth reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the charitable company and hence lor takin9 reasonable steps lor the PreVentn and detect¢on ol fraud and other itregularities Dlsclosure of inlormation to Auditors In so far as each ol the Governors. as Directofs of Ihe charitable company. at the dale ol this report Is aware there Is no relevant audit information of which the charitable company's au¢Jitois are unaware, and Each member ol the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body In order lo make him or her aware of the relevant audit Information and lo establish that the chaiitabl¢ MpanY'S auditor5 are aware of that Infom)atson. Other than one Governor having children as pupils al the Sthool no Govornor has any related paty relationships wrth spect to Stafford Grammar School. Approved by order of the members ol ihe Board of G¢)vemors and sKJned on their behaff by.. Mrn J Causer Chair Dale". ¢lkntr4r J JOLt Page 10
STAFFORD INDEPENDENT GF14MMAR SCHOOL IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF STAFFORD INDEPENDENT GRAMMAR SCHOOL Opinion We have audrted the ffinancial statements of Stafford Independent Grammar School Ilhe 'charilable company'l for the year ended 31 August 2023 which comprise the Statement of Financial Adivities. the Balan Sheet. the Slalement of Cash Flows and the related notes including a summary of significant accounting policies. The financial reporting framework that has been applied in therr preparation is applicAble law and United Kingdom Accounting Standards. including Finanual Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. Iunrted Kingdom Generalty Accepted Accounting Practi1. In our opinion the financial slalemenls" give a true and fair ol the slate of the chartsble compan¥s affairs as al 31 August 2023 and of ils incoming resources and application of reSoUrs. Including ils Income and expenditure for the yeai then ended". have been properly ppa in accordance wrth Unrted Kingdom Generalty Accepted Accounting Practice." and have been prepared in accordance wrth the requirements of the Companies Act 2006. Basis for opinion We conduded our audrt in a¢¢ordan¢e wrth Intemational Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilrties under those standards are further described in the Audrtors. responsibilities lor the audit of the finan¢i21 statements section of our report. We are Independent of the chantable company In accordance th the ethical requirements that afe relevant to our audrt of the financial statements in the United Kingdom. Including the Financial Reporting Council's Ethal Standard. and we have fuilled our other ethical responsibilities In accordance wth these requirements. We believe thal the audrt eviden we have obtained is sufficient and appropriate to provide a basis for our OPLnLOn. Conclusions relating to going concom In audrting the financial slalement5. we have condLKJed that the Govemors. use of the going concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have perfom)ed. we have not Identrfied any material uncertainties relating to events or conditions that indwidualty or collectwety. may casl signth¢ant doubt on the charitable ¢ompany's ability lo continue as a going concern lor a period of at least iwefve months from when the financial 5talemenls are aulhorised for issue. Our responsibilrtFes and the respon5ibililies of the Govemor5 th respect lo going conrn aTe descnbed in the relevant sections of this report. Page 11
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA cornpany limited by guaranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF STAFFORO INDEPENDENT GFiAMMAR SCHOOL ICONTINUED) Other information The other Informaln comprises the Informalion induded in the Annual Report other than the financial statements and our AuditOfS' report thereon. The Govemois are responsible for the other Infomation contained within the Annual Report. Our opinion on the financial ststements does nol cover the other Information and, except to the extent otherwise explicilty stated In our report. we do not express any fomi of assurance conclusion thereon. Our responsibility Is to read the other Infomialion and. In doing so. consider whether the other Inlomialion Is materially Inconsislenl wrth the financial statements or our knowledge obtained In the course of the audit, or otherwise appears lo be malerialty rn15slaled. 11 we entIty such material Inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misslatemenl In the financial slalements themselves. If. based on the work we have performed, we Conclude Ihal there Is a material misstalemenl of this other inlorrnaln. we are required lo report that fact. We have nothing to Teport in this regard. Oplnlon on other matters prnscrlbtd by the compani Act 2006 In our opinion. based on the work undertaken In the eourse of the audit the infomation given In the Governors. Report Including the Strategic Report lor the financial year for which the financial stalements are prepared Is consislent with the finaneial slalemenls. the Governors. Report and the Strategic Report have been prepared In accordance with applicable legal requirements. Matters on which wè are rtquired to report by exception In the light ol our knowledge and understanding ol the chanlable company and ils environment obtained in the course ol the audrt we have not entffjled malenal misslalements In the Governors. Report including the Strategic Report. We have nothing lo report in respect of the Idltywng matters In relation lo which Companies Act 2006 requires us lo report lo you rf. in our opinion". adequate accounting records have not been kept. or retums adequate for our audit have not been received fTom branches not visrted by us, or the financial statements are not in agreement wrth the accounting records and returns.. or certain dis¢losur6s ol Governors. remuneration specrfied by law are not made". or we have not received all the snlormalK)n and explanalions we iequife for oui audst. Page 12
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF STAFFORD INDEPENDENT GRAMMAR SCHOOL ICONTINUEDI Responsibilities of tTUStees As explained more fulty In the Governo. responsibililies statement. the Governors (who are also the directors of the charitable company for the purposes of company are responsible for the preparation of the f1nancial slalemenls and for being satisfied that they give a true and fail view. and for such inletnal control as the Governors determine Is necessary lo enable the preparation of financial statements that are free from malenal misstatement. whether due to fraud or error. In preparsng the financ1 51alemenls. Ihe Govemois are re¥)onsible for assessing the charitable companls ability to continue as a going concem disclosing as applicable. matte15 ielaled to going concem and using the going con basis of accounting unless the Govemors erther intend to liquidate the charitable company or lo cease operations. or have no realist altemalive but to do so. AuditOTS' responsibilities for the audit of the financial statements Oijr objectives are lo obtain reasor%able assurance about whether the financial slalemen15 as a whole are free from matenal misstatement. whether due to fraud or error. and to issue an Auditors. report that Includes our opinion. Reasonable assurance Is a h9h level of assurance. but Is not a guafantee that an audrt conducted In ac¢ordan¢e wf(h ISAS IUKI wll avayS detect a matenal misslatemenl when rt exists. Misstatefnenls can arise from fraud or error and are considered material If Individualty or in the aggfegate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these finanual stalemenls. Irregulanties. including fraud, are instsnce5 of non<omplian¢e wrth I and regulations. We design procedures In line wrth our responsibilities. outlined above. lo detect malenal mi55tstemenls in respect of Irregularities. including fraud. The extent to which our procedures are capable of delecling irregularities, Including fraud is detailed bel¥". Our assessment focused on key laws and fegulations the charrtable company has to comply wrth and areas of the financial slalements we assessed as being more SueptIb1e to misstatement. These key laws and regulations included but were not limrted to compliance wrth the Companies Act 2006. Charities Act 2011, laxalion legislation, data PTOtertion. antA)ribery. and empbyment legislatK)n. We a not responsible for preventing IrregularitS. Our approach to delecling iffegularilies included, but was not limrted lo. the folk)wing". obtsining an understanding of the legal and regulatory framework applicable to the chanlable company and how the charitable company is coMpn9 wrth that fram&vork. including agieement of financial slalement disclosures lo underlying documentslion and othei evidence. obtaining an understanding of the charrtable company's control environment and how the charrtable company has applied relevant control procedures. through discussions with Governors and other management and by perfoming walkthrough testing over key areas". obtaining an understanding of Ihe chatrtable company s fisk assessment prosS. induding the risk of fraud". reviewing meeting minutes ol those charged wrth govefflan throughout the year." and performing audrt lesling lo address the risk of management override of controls, Including lesling journal entries and other adiustrnents for appropriateness evalualing the business rationale of significant transactions outside Ihe nom7al course of business and reviewing accounting estimates for bias. Whilst considenng how our audrt work addressed the dete¢tion of Irregulanties. we also Considered the likelihood of detection based on our approach. Irregulanties ansing from fraud are inherently more L*rfficull lo detect than those arising from error. Page 13
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF STAFFORD INDEPENDENT GFiAMMAR SCHOOL ICONTINUEDI BecaLJse of Ihe inherent limitations of an audit. there Is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance wrth regulation The risk Increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatemenls. as we w111 be less likely to become awaie of Instances of non<ompliance. The risk is also greater regarding Irregularities occurring due to fraud rather than error, as fraud Involves Intentional concealment, forgery. collusion. omission or misrepresentation. A further description of our responsibilities for the audrt of the financial slalemen15 Is located on the Financial Reporting Council's website al" www.1ic.or .ukl8uditorsres onsibilities. This description forms part of our Auditors. report. Use of our report This report is made solely lo the charitable companys members. as a body. in a¢¢ordance wf(h Chapter 3 01 Part 16 of the Companies Act 2008. Our audit work has been undertaken 50 that we might state to the charitable company's members those matters we are required lo slate to Ihem In an Auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assurne responsibility to anyone other than the charrtable company and ils rnebers. as a body. for our audit work, for this report. or for the opinions we have formed. Glen Bott FCA Isenior statutory auditor lor and on behaK of Cooper Parry Group Limited Statutory Auditor Cubo Birmingham Office 401. 3rd Floor Two Chamberlain Square Birmingham 83 3AX Dale 7 February 2024 Page 14
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from.. Charitable activrties Other trading activities Investments 5,468.387 37.011 17.707 5.468,387 37,011 17,707 5.132.856 37.491 2.315 Total income 5,523,105 5.523,105 5,172,662 Expenditure on= Charitable aclivrties 5,342.799 5.342,799 4.927.319 Total expenditure 5,342,799 5.342,799 4,927.319 Net movefflent in funds 180.306 180,306 245.343 Reconciliation of funds: Total funds brought forward Net movement In fLJnds 5,262,970 180,306 5.262,970 180,306 5,017.627 245.343 Total funds ¢arried foplvard 5,443,276 5.443,276 5 262.970 The Slalemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 to 35 fom) part of these financial statements. Page15
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limitèd by guarantee) REGISTERED NUM8ER.. 01657702 BALANCE SHEET AS AT 31 AUGUST 2023 2023 2023 2022 2022 Note Fixed assets Tan9ible assets 10 4,160,846 4,277,508 4,160,846 4,277 508 Current a$$els Stocks 6,443 118,939 1,696,245 3,791 52,443 1,503,083 Debtors Cash al bank and in hand 12 1,821,627 1.559.317 Creditors. amounts falling due within one year 13 IS27,7211 1573.8551 N&t ¢urr8nl as$el¥ 1.293.906 985,462 Total a$sets1gs$ current liabilitie# 5.454.752 S,262,970 Creditors amounts falling due after more than one year 14 111,4761 Total nèl a$$ots 5.443,276 S,262,970 Charity funds Restricted funds Unreslrieled funds 16 16 5,443,278 5,262.970 Total fund$ 5,443,278 5,282.970 The Governors acknowledge their spOnSIbl11t1eS foT complwng with the requirements ol the Companies Act with respect to accounting records and prepaialion of financial slatemenls. The financial statements were approved and aulhoTised lor issue by the Governors and signed on their beha Mrs J Causer Chair Dale. loi+ The notes on pages 18 to 35 lomi part of these financial statements. Page 16
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guaranteel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Cash flows from operating activities Nel cash used in operating activities 272,033 481,008 Cash flows from investing activities Investment income reip1S Purchase of tangible fixed assets Finance costs paid 17.707 194,5971 11.9811 2.315 1180.2001 12.9701 Net cash used in investing activities 178,8711 1180,8551 Cash flows from financing activities Repayments of borrowing 131.4961 Net cash provided byllused inl financing activities 131.4961 Change in cash and cash equivalènts in thè year Cash and cash equivalents al the beginning of the year 193,162 268,657 1,503,083 1.234,426 Cash and cash equivalents at the end of the year 1,696,245 1.503,083 The notes on pages 18 to 35 fom part of these financial statements Page 17
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA GOfTipany limited by guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Gen•ral infomiation Slafford Independent Grammar School (the Schooll is an incorporated charitable company which is limited by guarantee I[lStered company no. 016577021, lcharily no. 5130311. registered In England & Wales. The members of the company are the Governors named on page 1. In the event ol the School being wound up, the liability in respe¢t of the guarantee is limited lo £1 per member ol the School. The School's registered addres5 and principal place ol business is Stafford Independent Grammar School, Burton Manor. Stafford, Staffordshire. ST18 9AT. Accounting policies 2.1 Basi5 of preparation of financial $tstements The finan¢ial statements have been prepared In accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities." Statement of Recommended Practi applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Iieland IFRS 1021 (effective 1 January 20191 and the Companies Act 2006. Slafford Independent Grammar School meets the definition of a public benefit entity under FRS 1 D2. Assets and liabilities are initially recognised at historical cost or transaction value unle55 Othefwise slated in the relevant accounting policy. The financial 51alemenls are prepared in sterling, whi¢h Is the functional currency of the School. Monetary amounts In these financial slalemenls are rounded lo the nearest £. 2.2 Going concern 1115 cnlical that shortfalls are la¢kled in turbulent times as financial resilience will help the School lo stay flexible and adaptable lo unexpected changes in pupil numbers and to manage planned and unplanned Costs. The expenditure of the School is dominated by staff salaries which amount lo 71°/ of nel Incorne. nevertheless opportunities for redLJcing cos15, Wlthoul adveisely affecting perfomance, are Identified and aclioned when possible. The School is debt free. At the year end the School had cash al bank and in hand of £1,696.246. After making appropriate enquiries, including ¢onsideralion of cash flow forecasts lo the end of FY2025, the Governors have concluded that rt is iea50nable to expect that the School will generate sufficient resources to Continue In operational existence for the foreseeable future and meet all of Ils financial obligations. 11 is considered that. after examining likely lulure risks lo the business lincluding the possibility that VAT will be added to tuition fees and business rates relief will be scrapped). that there will be sufficient funds lo continue in operation should these risks materialise. As a matter of course Governors consider the financial risks to the School al formal meetings and also informally on a monthly basi5 by reviewing the management accounts. For this reason the Goveinois have ¢ontinued to adopt a going concein basis in preparing the School's financial 51alemenls. Page 18
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarante¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 A¢¢ounting policies Icontinuedl 2.3 Income All Income is recognised On the Sch¢x)I has entitlemerlt lo the Income. il 15 probable that the income will be received and the amount of income recewable can be measured reliably. Donations are recognised on a receivable basis whefe there is Certainty of receipt and the amount can be reliabty measured. Income lax recoverable In relalson to donations received under G1ft Aid or deeds of Covenant is recognised at the time of Ehe donation. Fees receivable and charges for seFvices ar use of premises are accounted for in the period in which the service is provided. Fees receivabk are stated after deducting allowances. scholarships and other remissions granted by the School. Scholarships are assessed and awarded on a pupil's merit. Bursanes are consideied on the basis of a declaration of income and liabilities from the parent5 apptying for such an awaid_ 2.4 Expenditure Expenditu is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. rt Is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expendrture is classified by activity. The costs of each activrty are made up of the lolal of direct costs and shared costs, Including 5UPPOrt costs Invoed In undertaking each activity. Direct costs attributsble to a single adiwty are allocated diredty to that activty. Shared costs which conlnbule to more Ihari one activity and support costs which are not attributsble to a single activity are apportioned befvleen those activrties on a basis consislenl with the use of resolsrces. Central staff costs are allocated on the bas4s of time spent. and depreciats.on charges allocated on the portion of the asset's use. Charrtable xtwrties arKI govemance costs are costs incurred on the School's educational operalions, including support costs and costs relating lo the govemance of the School apportioned to charrtable activrties. Costs of raising funds are those costs Incurred In attracting Income and those incurred In trading aCtivrtS that raise fLtnd5 fof the School. All eXpendrtv is inclusive of Irrecoverab VAT. 2.5 Interest receivable Interest on funds held on deposrt 15 induded when recetvable and the amount can be measured reliably by the School. this is nomially upon notrficalion of the interest paid or payable by the bank. 2.6 Tangible fixed assets and depre¢i4tion Tangible f1xed assets C05ting £2.(100 or more are Gaprtalised and reGognised when future economic benefrts aie probable and the cost or value of the asset Can be measufed reliably. Tangible fixed assets are Inrtially recognised al cosl. After recognrtion. under the cost model, tsngible fixed assets are measured at ¢ost less accumulaled depreciation and any a¢¢umulated impairment losses. All costs Incurred lo bnng a tsngible fixed asset into its intended working condition are included in the measurement of cost. Page 19
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Icontinuedl 2.6 Tangible fixed as$ets and depreciation Icontinuedl Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation Is provided on the following basis. Freehold property Motor vehicles Fixtures and fitt5ngs Office equiprnenl Other fixed assets 2D/D slraighl line 20°/0 slraighl line 100/0 Straight line 20°/o slraighl line 20Q/o Straight line The assets, residual value5, useful lives and depreciation methods are reviewed. and adiusled prospe¢tively if appropriate, or If there Is an indication of a significant change since the last reporting dale. Gains and losses on disposals are delerTnined by comparing the Pfoceeds with the carrying amount and are recognised in the Ststement of Financial Aclivilies. 2.7 Stocks Stocks are valued al the lower ol cost and net iealisable value after making due allowance for obsolete and sl¢)w-moving stocks. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any fee discounts offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a Short maturity of three month5 or less from the date of acquisf(ion or opening of the deposrt or similar ac¢c)unt 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation al the ba18nce sheel dale as a result of a past event. it is probable that a transfer ol economic benefit will be required in settlement. and the amount of Ihe settlement can be eslimaled reliably. Liabilities are recognised at Ihe amount that the School anti¢ipates it will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value ol those amounts. dis¢ounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised ln the Slalemenl of Financial Activities as a finance Cost. Page 20
STAFFORD INDEPENDENT GFIAMMAR SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 counting policies Icontinuedl 2.11 Financial instruments The Schod onty has financial assets and financial Iiabililies of a kind that qualify as basic financial inslrumenls. Basic finanoal Inslrumenls are Initially renised at transadion value and subsequenlty measured al their settlernent value with the eyceplion of bank loans which are sijbsequentty measured at amortised st using the effeth.ve Interest method. 2.12 Opgrating 1ga$8s Rentals paid under operating leases are charged lo the Slalemenl of Financial ActivitS ot) a straight line basis ¢)ver the lea¥e term. 2.13 Pansions The School operates defined conlnbution pension schemes and the pension char9e represents the amounls payable by the School lo the schemes. funds in respect ol the year. 2.14 Fund accounting General ILtnd8 are unreslneted funds which are available lor use al the disCl)n ol the Governors in furtherance of the general ObltIveS of the School and which have not been designated for other purposes. Designated funds comprise unrestrided funds that have been Set aside by the Governors for particular purposes. The aim and use ol each designaled fund Is set out in the notes lo the financial slatemonts. Restricted funds are funds whKh are lo be used In accordance wrth specific reslriclions Imposed by donors or which have been raised by the Schwl lor particular purposes. The costs of raising and adrninislefing such funds are charged against the specific fvnd. The aim and use ol each reslricled fvnd 1$ set out in the notes to the financial stalemenls. Page21
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Icontinugdl 2.15 Critical accounting estimate5 and areas of judgement The Governors are required lo adopt those accounting policies m051 appiopriale lo the circumsiances for the purposes of presenting faidy rts financial posrtion, financial performance, and cash flows. The preparatjon of the financial statements require5 the Governors lo make iudgemenls. estimates and assumptions that affect the application of accounting policies and report amounts of assets and Iiabililies. Income and expenditure These judgements. estimates and ass¢xialed assumptions are based on histori1 experience and other factors. induding expectations of future events that are believed lo be reasonable under the circumstances. The Governors consider that accounting forecasts. assumptions and judgements made will nol result In a significant difference lo the amounls of assets and liabilrties carned forward in the next finanoal year. The Governors consider the areas set out bebN lo be those where critical accounting judgements have been applied and the iesuhing estimates and assumptions may lead lo adjuslmenls lo the future carrying amounts ol assets and Iiabilrties Recoverability of debtors (Note 121 The proVisn for dovbrful debts Is based on an estimate of the expected recoverability of those debts. In line wrth the Sch¢)ol's aecounling policy Ihe pfovision Is based on the current situation of the customer and the age Pfofile of the debt. Al the reporting dale. the bad debt provision Is £30,187 12022 £35.8711 Uyelul •eonomlc Ilfe IUELI of langible fix•d assets (Note 101 Freehold propety, motor vehicles and equipment represent a significant proportion ol the School. total assets. Therefore. the eslimated useful INes can have a si9nrficanl Impact on the depreciation Charged and the reported performance. Useful lives are detemiined at the time the a5sel is acquired and the UEL ol Its assets 1$ reviewed annualty. The UEL are based on historical experience wrth similar assels as well as anticipation of lulure events. Depreciation policies are applied to each asset category In order to Teflecl the usefvl economic life of the assets. Income from charitable activities Unrestri¢ted funds 2023 Total funds 2023 Total funds 2022 Gross school fees Scholarships. bursaries and discounts Other education income 5.983.738 5,983,738 11.068.500) 11.068,5001 553.149 553,149 5.621.409 1971,3481 482.795 Total 2023 5.468,387 5,468,387 5,132.856 Total 2022 5.132 856 5,132 856 Page 22
STAFFORD INDEPENOENT GIiAMMAR SCHOOL IA company limited by guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Inv4stm*nt in¢omg Unrestricted funds 2023 Total funds 2023 Total funds 2022 Bank interest 17,707 17.707 2,315 Total 2022 2,315 2.31S Analysls of 0XndIture on charltable actlvlties Summary by fund type Unrestrlcted Restrlcled funds funds 2023 2023 Total 2023 Tolal 2022 Tgaching Prep School Transport Sports Hall Premises Governance 3.646.224 530.524 339.227 28.192 761.754 36.878 3.846.224 530.524 339.227 28.192 761,754 36,878 3,134,823 627,950 299,478 31,403 782,308 51,357 5 342.799 5,342,799 4.927,319 Total 2022 4 903,954 23.365 4,927,319 Page 23
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limittrd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysis of ¢xp&nditure on charitable activitiès Icontinuedl Summary by oxpenditure type Staff costs D8preciation Other costs 2023 2023 2023 Total 2023 Total 2022 Teaching Prep School Transport Sports Hall Premises Governance 2,700,246 522,828 222,212 945,978 7696 117,015 28.192 3,646,224 530,524 339,227 28,192 761.754 3,134.823 627.950 299.478 31.403 782.308 51.357 550,495 211.259 36.878 36.878 3,995,781 211.259 1.135.759 5.342.799 4 927,319 Total 2022 3,602,413 208.555 1.116.351 4.927.319 Analysis of expendltUf8 by activlties Activitles undertaken directly 2023 Support C05t5 2023 Total funds 2023 Total funds 2022 Teaching Prep School Transport Sports Hall Premises Governance 3.088,500 503,272 339,227 28,192 557,724 27,252 3,646,224 530,524 339,227 28,192 761,754 36,878 3,134.823 627.950 299.478 31.403 782.308 51.357 761,754 36,878 3.959,191 1,383.808 5,342,799 4.927.319 Total 2022 3.486,515 1,440.804 4,927,319 Page 24
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA ¢ompany limitèd by guarantè•1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysis of expenditure by activitles Icontinued Analysis of direct costs Total funds 2023 Total funds 2022 Teaching Prep School 2023 2023 TrarbSPOrt Sports Hall 2023 2023 Staff costs Subject materials and Supplies School transport costs Seminar$ and training courses Travelling and motor expenses Light and heat Catering costs Sundry expenses sports hall Marketing 2,624,526 495.576 222,212 3.342,314 2.957.327 180.969 7.696 188,665 161.034 34,210 34,210 73.421 22,232 22,232 8,291 879 120 117,015 117,894 23,509 139,821 99,619 26.284 104,356 23,389 139,821 4,803 4,803 85,743 5,119 51.064 85,743 3,088,500 503.272 339,227 28,192 3.959,191 3.486.515 Total 2022 2,556,986 598,848 299,478 31,403 3.486,515 Page 25
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysis of expenditure by activities Icontinuedl Analysis of support costs Total funds 2023 Totsl funds 2022 Teaching Prep School 2023 2023 Premises Govgrnance 2023 2023 Staff costs Depreciation Postage. printing, slalionery & advertising Insurances Marketing Telephone Maintenance and repairs Business & water rates 75.720 27.252 550.495 211,259 653,467 211,259 645.086 208.555 1.176 57.567 10.453 16.422 1,176 57 567 4.836 53.240 10.317 17.568 10.453 16,422 98.928 98,928 102.625 37.881 52.794 56.234 11.894 69.506 43.256 37,881 52,794 56 234 11,894 69,506 43.256 39.575 57.539 44.422 18.247 84.916 34.171 Light and heal Subscriptions Cleaning Leasing charges Sundry expenses Consumable computer expenses Piolessional fees 15.590 6,671 1,651 1.981 15.590 43.549 9.496 56.765 50,476 2.970 36.878 Bad debts 1.651 1.981 Bank charges 557,724 27.252 761,754 36.878 1,383.608 1.440,804 Total 2022 577,837 29,302 782,308 51.357 1440.804 Page 26
STAFFORD INDEPENDENT GRAMMAR SCHOOL A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Audltors. romuneration 2023 2022 Fees payable lo the charrtable companys audrtor lor the audit of the charitable company's annual accounts exclusive of VAT Fees payable lo the charitable company'5 auditor in respect of.. All non-audil services not Included above exclusive ol VA T 14,500 11,000 1.150 1,SOO Staff costs 2023 2022 Wages and salaries Social secunly cos15 Other pension costs 3.233,463 316,894 445,424 2,904,7SO 284,767 412,896 3,995,781 3,602,413 The average number of persons employed by the charitable company during the year was as follows. 2023 No. 2022 Teaching staff Support staff 61 56 82 53 117 115 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2023 No. 2022 No. In the band £60.001 - £70,000 In the band £80,001- £90,000 In the band £90.001- £100.000 The lolal remuneration and benefits received by 612022.. 51 key management personnel for the year was £554.48412022.' £437.9721. Settlement payments were made lo l employee12022 settlement paymen15 10 1 employee) £37.208 12022. £2.0001. The settlement payments for 2023 are included within the key management personnel remuneration. Page 27
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Governors. rèmunèration and expenses During the year. no Governors received any remuneration or other benefit$12022- £NILI. During the year ended 31 August 2023, expenses lolalling £32 were reimbursed or paid directly to 1 Governor12022 - £NIL lo no Governor51. 10. Tangible fixed assets Freehold propetty Motor Fixtures Office Other fixed vehicles and fitting$ 4uipmènt assets Total Cost or valuation At 1 September 2022 Additions 5.805,515 557.073 34.331 502.390 1.262.210 14.222 38.617 199,834 8,327.022 7,427 94,597 Al 31 August 2023 5.805,515 591.404 516.612 1,300.827 207,281 8.421.619 Depreciation At 1 September 2022 Charge for the year 1.834.759 116.743 493.377 25.917 329.255 1.195.559 39.183 28.020 196,564 4,049,514 1,39S 211,259 Al 31 August 2023 1.951,502 519.294 368.438 1,223.579 197,960 4 260,773 Net ljook value At 31 Aijgust 2023 3.854.013 72.110 148.174 77.248 9,301 4,180,846 At 31 August 2022 3.970.756 63.696 173.135 66,651 3,270 4,277,508 11. Stocks 2023 2022 Raw materials Finished goods 3.432 2,583 1,208 3.011 6.443 3.791 Page 28
STAFFORD INOEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 12. Debto 2023 2022 Oue within one year Trade debtors Other debtors Prepayments and accwed Incorr 41,3 622 4.652 47.169 30 77,513 118,939 52.443 13. Crfjditors: Amounts falling due within one year 2023 2022 Trade creditor$ Other taxation and social security Other creditors AccNals and deferred inc¢yne 39,8C6 73 804 22,480 391,631 31,816 68,888 21,467 451,684 527,721 573,855 2023 2022 Deferred Income al 1 September 2022 ResoueS deferred duiing the year Amounts released from previous peri(Kls 420,140 358517 315.273 420.140 1315,2731 1420,1401 358.517 420.140 All deferred income is made up of fees paid in advance. 14. Creditors- Amounts falling due afttr more than one year 2023 2022 Accruals and deferred income 11.476 Page 29
STAFFORD INDEPENOENT GRAMMAR SCHOOL IA company limited by guarant¢o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 IS. Flnanclal instrum¢nts 2023 2022 Financial assets Financial assets measured al fair value through IncMe and expendrture 1.696.245 1.503,083 16. Stalemont of funds Statement of funds- current year Balance at 1 September 2022 Balance at 31 August 2023 Income Expendlture Unrestrlcted funds Do$ignat•d funds Sixth lomi 5.822 13.9301 1.892 General funds Genefal fvnds - all funds S,257.148 5.523.105 15.338,8691 5,441.384 Total unr*strict•d funds 5.262.970 5.523.105 15,342.7991 5 443.276 Page 30
STAFFORD INDEPENDENT GFiAMMAR SCHOOL IA company limited by guarantfro) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 16. Statement of funds Icontinuedl Statement of lunds - prior year Balance at 1 September 2021 Balance at 31 August 2022 Transfers Inlout Incom¢ Expenditure Unrestrfcted funds De$ignat•d funds Sixth lorm 6.470 16481 5.822 General lunds General funds all ftjnds 4 989.595 5,172.662 {4.903.3) 11,8031 5,257.148 Total unreStrIct funds 4 996,065 5.172.662 14.903.954) 11.8031 5.262.970 R•strict•d funds Pertoming arts 21.562 123.3651 1.803 Total of funds 5.017.627 5.172.662 14.927.319) 5.262.970 The designated fund relates lo a donation made which has been allocated to the sixth fom. The reslrided funds relates lo a donatNJn whh was lo be used for perfoming arts and theatre renovation. P*Je 31
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by 9uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. Summary offunds Summary of funds- current year Balance at 1 Strpt¢mber 2022 Balance at 31 August 2023 Income EXnditre Designated funds General funds 5.822 5.257 148 13,9301 1.892 5,523,105 IS,338,8891 5.441.384 5.262,970 5,523, 105 IS,342.7991 5.443.276 Summary of funds- prlor y•ar Balance at 1 September 2021 8alance at 31 August 2022 Transf•r¥ Inlout Income ExpendFlure Designated funds General funds Restricted funds 6.470 4.989.595 21.562 16481 5.172.662 14.903.3061 123.3651 5.822 11.8031 5.257.148 1.803 5.017.627 5.172.662 14.927.319 5.262,970 18. Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted funds 2023 Total fund$ 2023 Tangible fixed assets Current as5els Creditors due wrthin one year Creditors due In more than one year 4,160,846 1.821,627 1527,7211 111,4761 4,160,846 1.821,627 1527,7211 111,4761 Total 5.443.278 5.443 276 Page 32
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 18. Analysis of net a$$èls betweon funds Icontinu8dl Analysis of net asset5 betsveen funds - prior year Unrestrictèd funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 4.277 508 1.559,317 1573,85SI 4.277,508 1.559,317 1573,8SSI Total 5,262,970 S,262,970 19. Reconciliation of not movement In funds to net cash flow from operating actlvlties 2023 2022 Net income lor the year las per Slalemenl of Financial Actvilla8) 180,3C 245.343 Adjustments for.. Depreciation charges Investment Income Decreasellincreasel in stocks Inerease in debtors Increaselldecreasel in creditors Financing costs 211,259 117,7071 12,6521 166,4961 134.6581 1.981 208,555 12,3151 1,429 ie471 25,873 2.970 Net cash provldgd by op8ratlng activltios 272.033 481,008 20. Analy$l$ of cash and cash equivalents 2023 2022 Cash In hand 1.696.245 1.503,083 Total cash and cash oquivalénts 1.696.245 1.503.083 Page 33
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 21. Analysis of changos In net debt Sgpt&mbfrr At31 2022 Cash flows August 2023 Cash at bank and in hand 1.503.083 193.162 1.896.245 1.503.083 193.162 1.696.245 22. Capital commitmenty 2023 2022 Contracltsd lor but not provid8d in thèse financial statements Acquisition of tangible fixed as5els 88.679 64,970 23. Pension commitments The School conlribules lo defined contribution schemes adrnini51ered by Standard Life and Aviva for the benelil of eligible support staff employees and teachers respectively. The pension cost charged in the accounts Is the amount payable by the School during the year which amounted lo £445.424 12022". £412 8961. Contributions lotalling £5,06312022.' 7.3611 were payable lo the funds al the Balance Sheet dale and are Included In other eredilors. 24. 0ratIng 18as• commitments Al 31 Augu512023 the School had commitments lo make lulure minimum lease payments under non- cancellable operating lease5 as follows. 2023 2022 Not later than 1 year Later than 1 year and not later than 5 ygars 45.354 10,034 68.428 48.471 55,388 116.899 25. Finance lease commitment$ At the year end, the School had agreed to enter into new operating leases commencing 1 September 2023. the total commilmenl Is £134.28012022". £nill. Page 34
STAFFORD INDEPENDENT GRAMMAR SCHOOL IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 26. Related party transactions There were no related paty transa¢tions noted in the year. There was 1 trustee expense that occurred in the year12022." none). One12022. two) of the Governors have children or grandchildren at the School. 27. Controlling party The School. having no share capital. Is under the control of the Board of Governors, who are also the Trustees and the Director5 of the School. Page 35