REGISTERED CHARrrf NUMBER.. 517907 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMEi¥rs FOR THE YEAR ENDED 31 AUGUST 2022 FOR THE FOUNDATION CHARrrY OF BISHOP VESEY'S GRAMMAR SCHOOL Harvéood8 Islatutory wjdknr) 1 Tdnlty Place Mldland Drive Sutton Coldfield West Mldlands B72 ITX THE FOUNDATION CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL cowrENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Pag6 Refvrence and Ad￿￿nIBtrau￿ D•tsll$ R•port of Ihè Trust￿8 2 to 8 Rèport of the Independont Audltors 9 to 11 Statsm•nt of Flnancl•l AGtlvltl¢¥ 12 Balanc• Sht*t 13 Notos to the Flnanclal Statsmvnts 14 to 20 Dgts11gd Statemgnt of Flnanclal A¢llY￿ties 21 THE FOUNDATION CHARln OF BISHOP VESEYS GRAMMAR SCHOOL REFERENCE AND ADAIINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2022 TRUSTEES Mrs J L Daw8 Mr D Carter ChaiTman Mr P Sheriff {appointed 5.12.20221 Mr M Maybury larooinled 5.12.20221 Mr D Robson MrA Robinson Mr M lthng PRINCIPAL ADDRESS Llchfield Ro￿1 Sutton Coldfield West Midlands B74 2NH REGISTERED CHARITY NUMBER 517907 AUDtroRS Harwood8 (statutory auditor} 1 Tmty Pl8¢6 M•Jland Driva Sutton Coldffield West Mi(Mand8 872 1rx SOLicrroRS Eddows P•ry Osboum& 46 Hsgh Strèèt Sutton Coldfjeld B72 1UL Browne Jacobson Victoria Sware House Victoria Stware Birniingham 82 4BU ADVISERS Quiwer Cheviot Two Snowhill Birniingh8m B4 6GA Page 1 THE FOUNDATION CHARrrY OF BISHOP VESEY'S GRAMMAR SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 The trustses present their report wilh Ihe finarrial slatements of the charfty for the year ended 31 August 2022. The trustee$ have adopted thg prowEAon$ of Accounting and Repo￿n9 by Charibes: Statement of Recommended PractiR applicable to charf(ie$ preparing their acc(AJnts in 8ecord8nc6 vAth th8 FinancAal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lèffe¢tivÈ 1 janu￿ 20191. OWECTIVES AND ACTivmES Obloctlves and alms The objoctiv8s of th8 Foundation Charity are.. After payTnont of any expenses of admlnlstrdtlon, Ihe nel Incomg ofthg Fwndation shall b8 applied by thÈ Tru8188s in onè or )re ofthe following ways.. lal the provision of a sitè in Sutton Coldfiald forthè School. Ibl in prowding 8p8clal benefits for th8 S¢hool of 8 kind not nom)ally provld¢d by public fvnds. Icl in awarding to pupils who are atterwjing or who have attended the Sd)ool, eyhibMons tenable at the school or al any training college for leach8T8, universtty or other insti￿tion of fvrther lin¢luding professlonal and technicall educaion approved by the Trustees. Idl In pro￿dIng flnancial assistance, ouffils, clothi￿, tool$, in8trdmènts or books to ènable pupils and fom)er pupil$ of the School, on leaving the School or other edLrational institution to prepare for. or lo assist in their iwrto a wofESSiW, trad¢ or calllrg. lel In Othe￿Se promotkng ts ed￿￿on knchJdSNJ ￿la1 and physical training of pupils and fomor pvpil$ of thè $¢J)ool. Page 2 THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 O&JECTIVES AND ACTivrriES Significant activities lal The Foundation Charity owns the land and buildings on Li¢hfield Road whi¢h ar8 oceupF8d by tha Academy. Thg Foundation Chaftty have continuad to Support thé ptoposèd n8w Lèamlng R8sourc8 Centre hawng rèsolv8d to allocate up to £300,000 of income funds to the project. £220.539 of income fvnds h8ve been used to dalE to support the ewly stages of fJ)¢ project and fvrther income fiJnd8 will b8 used to support further pre construGtvJn costs and fees. The Charity had also initially gained approval from the Charlty C¢xnmlsslon lo use up to £1.500,LW of permanent endowmwt funds to supp￿1 the develgpment. The constructlon phase of the Leaming ResouTC6 cent￿ Project wll start before 2025 a8 additional fvnd8 will hav8 lo be r8i98d. Th8 Charity has rKJw agreed to allocate both income and pemanent endowment funds lo support the new intsrfm infrastructure plans ass(￿l9ted Mth expansion of the AGademy. Thls has induded making an applicalon to the Charity Commlssion to U59 up to £400,000 ofthe pemanent Endi)wment funds rf ￿quIred. Ibl {il Foundati￿ Charity m¥intsin$ the Inspiration and ExC￿lIanC8 Fund whlch rnc&w8s r•JulBr donalons from pupils, families and other supportets ofthe school. During a rKJmial year. the Inspiralon and Excell8nce F￿￿ support a raThJe of adiwlie8 including- . Out of hours. extra-cunlcular advlties such as rugby and school trips - Ho¢kéy and nètball coachlr¥J -SupportlrrfJ conunued devglopmenl of $¢h￿l rowlng - SupportirrfJ fvrther devek)pmer)t of Vèsey Music Ibl lil) The Foundation Charty makès £2.500 8V818blè each year lo Support staff welfare. In 2021-22 £2.340 was spent on the 8HSF Rise Support Package. There was expendtture of £5,500 toward$ the upkeep of woperly £7.OCw) was d1￿C￿Y donated to enable the school to provide supp(Kt for students affected by di88dv8ntsge. Th& Charfty also provides £15,000 of kndiro from its Inspiration and Excdl8nc8 Fund for thè 'St8ff R8ward Schèmè, whlch prO￿dEs fijnding to staff who are SUPPOTbng extra-cuThicular activhles on and off-$119 ovt of usual ￿h[M)I hours. In 2021-22 th8 Foundation Charity donated £7.500 to the Enrichment Fund for the AGad¢rny lo support dubs and adivities undertaken by siudents. The Foundation Charfty also donated £1,920 for a range of workthops across thè sch￿] lor Per￿n￿l, Soclal, Hoamh, and Economlc IPHSEI Education. The Foundalion Charity algo donalÉd £12.500 to th8 school to support Ihè costs of a d¢dtsted Sw)rt Coach specialising in Hod(ey. {cl Thè Foundation Charity pro¥Ades prizes and trophies for the Maln ScM)ol Presentation evenwu in July and school Speech Day in December ea¢h year. These events celebrate the success of cuThent and former txjpils of the Academy. In 2021-22 th8 actual costs were £3,035 includlNJ the costs assoclated with updating and maintenance of thè prize boards in School. Idl The Found8tion Ch8rfty hav8 not rec8iV8d any applications from pupils or fomier puplls for this type of fvnding In the past lel In addition to the activtbes fvnded by tha Insplrauon and Excellence Fund outline at {bXil ath)ve, the Academy also operdted 8 Letti￿$ Policy whieh 8nablès Ihè sclK>DI f8dlhl8s to be Ltsed by local organisaiions in return for a fee. The Academy 8150 #¢tsvdy Èr@agès ￿￿th 8￿Mn& of the school through its dedicated alumni website. Lettings are now at their optimum level. Publle b8n•fit Th9 Trustees have had duè regard to the Charity Commission's published g￿dance on thè Publie Bénofit requrement undèr Chartbes Act 2011 when exerasiro th8iT powers and duiies under the obj6cts of the Foundation Charity. P8g8 3 THE FOUNDATION CHARrrY OF BISHOP VESEYS GRAMMAR SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENT AND PERFORMANCE Charltable acllvitles The achievement and SLKc&8ses of the Foundation Charity are reffte¢ted in the ￿￿vement and perlomiance of the Acaderny. It gjpports the Acadgmls vislon which 18 to offer in$piration and excellènce thmugh off8ring Wie Vesey Experien￿.: - Inspirational t8aching and outstsnding leaming - Academic exc8llence, a spirit of enqviry and ojrioslty - Enrithment opportunthes buildin9 leadership. Independence and resilierTh- A warm oulw8ttklookirtg eommunty. calèbralng diverstty and supporbng others. The Academy 1$ a SP8Ci81 placè, provldlng Bn OLrtstsnding. academically challenging and well-roLmded e(lucalion IOT able students from Biningham and across the Midlands sln¢e the 161h Cenlury. The Academy's academic PTofi18 IS comfortably in the top fifty 8chools nationally.. B6.3Yo A'-B IA level. 20221. 74.7°k of all grades at GCSE being achieved as ￿7 {GCSE, 20221 with 54% ofthese res￿t8 at grade 8 8nd 9. Just underthree quarters of its students leav8 al 18 to study at the ￿StIgIoUS Russell Gry)up universities. At the samè timè, tt8 axtrxutheular promsion is first-rate. wide.ran9ing and of n8Uonal renown. Thè h8N)Inèss and saf8ty of every student are of paramount Importance lo all stsff. The Academy tskes Ihe timè tr) get to know evgry studgnl and thoiT individual need* The Academls suc¢e$8 is founded on thè commltm8nt of very well qualffied staff to high standard& outstandirrfJ b8haviow, outstsnding tea¢hing and lèarn¥￿. StL•Jents leam the skills they nBed to thrive in the 21st Century. The Academy encourages creatiwty and team-￿Irking and promotes intellectual rigour, problem sofving and independenc8. The Foundatlon Charity supports the A¢ademy lo provlde sludgnts wlth &xdtlng and m¢moTable oppcffbjnltles includlng n8Uonal lavel Coaching in singing, hockey, rugby, Towng. tennis aTKI netball. The A¢ad¢my also benefits from a large team of h￿hlY qualif￿d and ￿diCated peripatetic music teachers. Students are 4s0 able tr) parbclpate In the Duke of EdInbu￿h scheme. The Academy 1$ not inward l(M)klng and So￿1￿ to others is something the Ac4dgmy values. The students 8re endlesdy devising ways to r8lsè monèy f￿ other charities. Whilst the Acad8my Is fun there is no doubbng the seriousness ol the A¢ademy's moral purpose. The curriculum ptowsion al Ihe Acad&my go8s significanly beyond the national pres￿IptiOnS to offer ¢halleng8 to the Gifted and Talented whtt arè èncour8ged tr> pursu8 the¥ passion for study to reach levels of achigvernenl well in advance of expected nomis. The Academy ha8 an increa8ing numbei of contacts unlversty departments and seeks to build partnership5 to r8188 a$pIra￿onS for stu¢Jenls who wll pwr&&8 to dègr8e courses at top universiéies. The Academy was judged -OutstawKllng' by Ofslgd in Octobpr 2014 YeacheTS cornmunScated a passlon for their subl￿t knspiriro their students to want lo leam rnOTe.... stsndards are consistently amongst the highest in Ihe county. Students are provided vhth a wealth of opportunities that enable thèm to OXC81'. OFSTED 2014. Page 4 THE FOUNDATION CHARITY OF BISHOP VESEY GRAMMAR SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 FINANCIAL REVIEW Investment ptsllcyand obJ¢CU￿5 The Pemianent EndoN￿ent of the Foundation Charity eonslgt8 of thé ass8ts arising from the Original endo¥wnent from Blshop Vesey in 1527. Over the year5, rnuch of the original endowmgnt of land and PrOpe￿eS have been sold aThJ the proceeds used to buy the current land and buildings occupipd by the AC￿l￿MY and olhervAse Invested to generate an income i¢h 1$ used to further the objects of the Foundation Charity. As at 31 August 21J22 Ihe assets in the Pennanerrt Endowment were.. - Thè18nd and bullithngs occupi8d by th8 Academy in Lichfield Ro•J. Sutton Coldfleld - Thg freehold r9verslon of 4 housos in Sutton Cc4df*ld11 freehold sold lo the tenant in October 20191 - 21 Acres of farmland at Lindridge Road Sutton Coldfipld - Property at Honeybome Road Icurrenlly o¢¢upied by an Academy employee) Investments managed as 8 discrètionary portfollo by QulM8r Chèvlot valued at £2.572,402 which is an decrea8e of £363,140 since Auwst 2021 Incl Cash Funds of £49.990. It musl be noted tho1 £5CiI.OOD was ￿thdrawn from Inveskn8nts in June 2022 and held on deposii In the Capitsl Transactions bank aG¢ount. The Academy does not pay any rent or licence fee for the us8 of the Land and BuildlThJs In recognSUon of Ihe School's oblert1￿ of b&ing establis￿ for the publlc b8nefiL Tho Board of Trust88s ov8rse8s th8 investments. The Board ha5 maintalned Its target of geriBr8ling an annwal I[￿Me of £100,000, whlch was achieved wlth an 1￿me of £100.220 In the year endirrfJ 31 August 2022. This in¢ome i¥ w)r8strict8d income and is PXPBwKled by Trusts¢s in pursuance of the objects of the Charity. Pr¢p•rty In¢ome The rentsl income from the houses and the Farniland is minimal 1£1,5981 as the IK)u8es have bgen let on lon9 leases govemod by thè L88s8hold Refomi Act 1957. This income is likely to decrease over lime as freeholds are sold to the tenants upon r8quesI. Any fund$ ggner*d by the sale of the house fr*holds or the Farmland are treated a8 End(p+m￿nI Funds will be addgd to the ￿rtfoliO wilh Q￿ller Chewot In order to generate fvrther income for the Ch8rity- No Frè8htsld8 werè sold in 2021-22. In$plrntion and Excellence Fund Donatims from parants and supporters of the 8chool contlnue each year and the fvnd received £94.647 in 2021-22. ExperKlltur8 Irom the fund rm ¢harftable activities was £43.031. R•s•rves policy The tru8l*s ￿vIeW the reserve levels of Ihe Foundation Chartty annually. ThTrs rwlaw takes Into account th8 total amunt of uncommitted funds avallable together the current and future foroea$l lèvèls of inc(fft8 and èxpenditu￿. The cuffent Reserves Policy rèqulres a mlnlmum of £50,000 of unrestricted fund8 (from Investment income and from In$piffjtic>n Ex¢ellence Fundg) to b8 héld as contingéncy in reserve. The Foundation Charity wa$ ￿)lding free reserves at 31st August 2022 of £367,945 which r8pr8santad an 8xcèss of reserves. Suwplu$ reserves wll b& made avallable to provide ffinancial 8UPPOrt for the fuluY8 plans of thg school below, thu$ r8du¢ing Ihè dèmand on tha usè of Permanent Endowment Fund& The amount of Teslri¢tsd rgsgwves ar9 £1.738.650 The amount of 9ndowfflent funds are £3,102,348 The total lunds held are £5,208,943. Page 5 THE FOUNDATrON CHARITY OF BISHOP VESEYE GRAMMAR SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 FunJRE PLANS The Foundation Charity %yill continug to SUPPQrt vision and elhos of the Acathmy to help it achi8ve Its ambitions set tsut in its School Development Plan each year. The Foundation CharSty support propo$al$ by th• A¢ad8my to rèfurblsh 8xisir@ build*ws and d8v8lop new spa￿S to accomnM)date the school expansion over the next f8w years. The Twstges have agreed to support these prOj￿ts with donallon of £77.500 from the Inspiration and Excellence Fund and up to £400.000 of Pemianent Endowment Funds to support these projects. The Trust￿ have taken on board the leamlng from the development of the STEM Blod( laftd ils consequent overspend) and have ensured that thè Acad8my Is fulty supported by prof8ss*)nals at every stsge of th8 process. The Foundation Charity will Con￿nUe lo use the Insptrallon and E￿Ilence Fund to support Acadgmy Instialves Including.. . The conl1nu￿g development of ICT Ythin the mU￿C Depathent - Supporling Cwdculum blds from indbvidual departments for Cijrrieulum Enrichm&nL - Suppotting Student Serninars in support of pewn81, 80¢ial, h88￿h and Èconomle. - Thè Foundauon Charity will also continue to provide ffinancial support lo wpils affectsd by disadvontsge. The TNste¢s TrMII Con￿nUe to revlew the govemance of Ihe Academy and Thè Foundatlon Ch8rlty tr) 8nsur8 thBt each organtsaiion is compliant wfth the ￿napleS of good govemance set ￿1 in guidaneè from thè Charfty Commlsslon. STRUCTURE, GOVERNANCE AND MANAGEMENT Govornlng documont On 1 May 1957 the m￿l$t¢rfr)r EdueAllon est8blSsh8d a now scheme for the Foundation and Its andowmenl and th18 thma forns the Goveming Doeumènt oftha FCrtJnda￿0n Charity. Chaiity con8tltutlc*n Bishop Vèsèy's Grammar School was founded in 1527 by John Harnian lotherw18e known as Ve8ey) a native of Sutton Coldfield. Vestsy was Bishop of Exoter and was o close adthsor to Klng Henry Vlll. In the 0￿1n81 Found8tion Deed, Vesey gave the yearfy rent of £7 payable out of some properties and land In Sutton Coldffield to 21 prwale truslees to pay a ffl pgrson to teach grammar and thetori¢ to local boys. Over the years the school evolved and became a Voluntary Aided School ￿1n the Cty of Bimiingh8m supportèd by thè 8ssats and •ndowment held by the Foundation Charity of the s￿e name. The Foundalon Charity registered wlh Charity Commlssl(m on 8 September 1986. The School became an Academy on 1 April 2012. Aead8my status gives the Governors of the Schx*l more flexibllty in decldlng the School curriculum, th6 number of puplls 8dmittgd tr> Iho S¢hool In drfIe￿nt years and the t&mis ofemploymenl of staff (subject to Employment Law}. The Govemmenl fvnds Ihe day lo day wnning of the School. induding Ihe payment of salariès, books. equipment, healing, intgmal repairs etc. These moni68 8ra kept entlrely separate from tha Foundation Charity'$ funds arnj do not fomi part of these 8¢counts. Th8 1957 Chdar astoblishing the scheme was modified by a new Or(ler datsd 1 April 2012 tg tske awjunt of Ihe School's nèw status as an Academy. Unlil Octgbor 2020. The Academy and the Foundation Charity were both known as Blshop Vèsey's Grammar School. In order to distinguish the ￿, the Charity changed its name in Oclob8r 2020 to The Foundauon Charity of Bishop Vesey's Grammar Sch(KJl' and its gOVernar￿ structure was changed lo demonstrate its independen¢efrom the tnanagement of thè Sehool. R•crultment and appolntsnent of ngw trustses In accordanc£ with clause 4 of the 1957 Order (8$ amènd8d by tha 2012 ￿d￿r and the resolution datod 12 October 20201, th¢ number of TNstees shall be not less than 5. The H8adt8ach&r and Chair of Govemors of the Academy are automalully appointed ex-officio. Trustees of the Foundatitin Charity aro 01hgMse appointed by the Trustees for the limo being. The Board has r6gard to the regular skills an8ty￿S Garrie(l out by the Board when makiTh3 these appolntments and seeks to ffll any gaps In its sknlls or knO￿edge. Organi6a￿Onal strurturo The Board of Trustees is responsibltr all major declsons about Ihe Foundation Charity and for sotting all pjlicies lor the Charity. Page 6 THE FOUNDATION CHARITY OF BISHOP VESEYS GRAMPAAR SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT ¢ision making The Trustses meet a$ a board at least once per tem) to oversee the manag&menl of the assets of the Foun(Jallon Charfty and th& 6xp8ndltura of Its Income. Th& management of the slte (Kcupled by the Academy. the Inspirdtion and Excellence Fund and 8ny a$sodat8d fundraising have been delega￿1 to the A￿demY and the Trustees receNe regular repJrt$ from the Sch￿1 Finance and Op¢ratlons Director. Indudlon and tr•ining of new trustees The Char+ty has an inducti()n programme for 811 nèw Trustees, led by the aerk lo the Trustse5. Trustegs are en￿Uraged to atiend appropriate external tr8ining èvènts where th8se will faciliti*e the undertaklng of their role. Relatèd partiès Thé Fount5ation Ch8rfty Is estsblshed lo support the Academy known as Bishop V$8èWs Gr8mmar School. a company l¥nited by guaranleg, r8gislratign numb¢r 7986¥21. The obigcls and actNitie$ of the Found8tlon Charity arè 8llgn8d wilh the objects and activilie8 of the A¢ademy whtch are: - To advance for the public benèffit edueadon In tha Uni18d Kingdom. by establishlng, malnfaining. carrying on, m8n•Jing and developing a school offering 8 broad and balanced ¢urriGulum. Promoting facilii*s for recreation or other 18isvre time 0￿UpatIOn In the Interests of social welfare Impmvl￿ th8 condition of life forthe inhabltants of Sutton Coldfield. Any Govemors of the Academy who are also 8 Trust8& of th8 Foundation Charity disdose any pec￿nIary or other inlere8ts which may bè connectod with the Academy or the FoundatK5n Charity. STATEMENT OF TRUSTEES. RESPONSIBILITIES Thè trustees are respon81ble for preparing the Report of Ihe Trustees and the financial ststements in ac¢ord8nc8 wlth applicable law and Unlted Kirudom Accounting Stsndards {United KltvJdom Generally Accepted Accounting Practlce}. The law appllcable lo chaTities in ErvJl8nd and W8188, thé Charit*s Act 2011. Charity (Accounts and Reports) Regulations 2008 and the provlsions of the trust deed requir88 the truslges to pr¢par¢ finanaal statements for each flnancial year which give 8 tnJ8 2nd fair view of Ihe state of affairs of thg charity and of the Incomi￿ resoufces and appllcation of resources, includin9 th8 income and expenditure. of the charity for that period. In preparing those financial statements, the trustees are requlred to select Suitablè accountlng pollciès and then apply them consistsntly., observe thè mèthods and principles in the Charity SORP,. make judgements and estirnales that are reasonable and prud8nl- prepare the financial stat¢tn¢nts on Ihe golng concem basis unles5 it is inappropri8ts to presume th81 Ihe charity wlll contlnue In busine8S. The truslees are re¥)on8ible for k8eplng proper a￿ntIng records whlch d58ck)se wth reasonablb accuracy at any time the flnancial position of the chartty an(1 to enable them to ensure that the financial ststements Comply wrfh the cha￿tI￿S Act 2011. thè Charity {Account8 and Report81 Regula￿nS 2008 and the provisions of the trust dead. They 8r8 also rtssponslble for sBfryLFarding the assets of t1￿ charity and hanc8 for tsklng reasonable steps for the preven￿0￿ and detection of fra￿1 and other irregularities. Ststsm¢nt as to dsclosvr• to our audltors In so as tho tru51p9s a￿ awarE at the Ilme of approving our twstses, 8nnual rÈwJtrt' there is no relevant infomiatson. bakng inforniation needed by th8 audltOT In Connection with preparing their f¢FWJrt, of whlch the Foundation Charity's audltor Is unaware. and the trustees, havlng made enquiries of fellow trustees and Ihe Foundation Charftys audttor that th8y Ought to have Individually taken, have each taken all steps that helshe is obliged to take as a Irustse in order lo make themselves aware of any relevant audit inforrn8tion 8nd to èstsblish that the auditor is aware ofthal info￿Nation. Page 7 THE FOUNDATION CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL REPORT OF THE TrUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 ef of the board of trustses on 15 May 2023 and Slwed ¢n rt8 behaw by.. MID Pagè 8 REPORT OF THE INDEPENDENT AUD￿oRs TO THE TRUSTEES OF THE FOUNDATION CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL OplnSgn We have audited the finawal stalgments of Th8 FoundatK)n Charity of Bishop Ve8ey's Grafftmor School Ithe'chArity} for Iha year ended 31 August 2022 which comprise the Ststement of Finan¢ial A¢tivities, the Balance Sheet and n(rt88 to Iha financial stalements, including a sumrnary of signifficant ac¢ounting poli¢i8s. The financi81 r8porbng framèwork th81 has b88n 8pplled in Ihelr preparation is applicable law and United Kingdom Accounting Standar(J$ IUnh8d Kingdom Generally Accepted Accounting Practice). In our Opini￿ tho financial statements.. give a true and fair view of Ihe slate of ￿ charitys affairs as at 31 August 2022 and of its incoming resources and application of resources, for the year then ended.. ho￿ bèèn pmpèrty pr8p8rad In accordanc8 with United Kingdom G8neralty Accepted Accounting Practi￿.. and hav6 been prepared in accordance whh th8 requlrements of the Charitles Act 2011. Basls for oplnlon We conducted our 8udit in ac¢ordanGe wllh Inlernationol Standards on Audilng (UK} IISAS (UK)) and appllcable law. r8sponsibllili86 under those stsndaids are further described in the Auditors, responslblllups for the audit of the fknandal 81alements section of our report. We are indepèndent of charity in accordance wlth the ethical requirements that are relevant to our audtt of the financial ststement$ in the UK. including th8 FRC'S Ethlcal Standard, and we have l￿filled our other ethical responsibilities in 8¢¢ordaneÈ ￿1th thè88 rèqulrèmènts. We beliwe that tho aurfil gvidgn¢e we have obtained Is sufficient and appropriate lo wovide a basts for our opinion. C¢nduslons r•I￿n9 to golng eone•m In audtling thg ffnancial stslern8tts. we hovg Gon¢luded that the twsle¢s' use of the golng concem basls of accoUn￿n￿ In thg preparation of the financi81 staternen18 18 appr(4)riate. Based on the work we have performèd, WÈ havè not id8ntifièd any matèrfal unc8rtainli8s relating to evants or COnd￿onS that. Individually or colleclNely, may cast 8ignrficant doubl on the Gharftvs ability to continug as a going wncem ft)r a p81iod of al 188St tsvelve months frorn when the financlal stalements are aullK>riSed for issue. Our ￿SponSibl11t1eS and the respjnslbilllies of the tsuslees with resFeCt to going ¢oneèm dèscribèd in the rèlèvxnt 8e¢tK>ns of this rewrt. Other Infomiatlon The tnjstees are responsible for th6 other Inf0M￿tion. The other Infonnation ¢ompdse$ the Infom)atlon Included In I Annual Report, olher than the flnanclal staternents and our Rgport of the Independent Auditors thereon. Our opinion on the )Inancial statements does not cover Ihe other infom)ation and, 6xr￿p1 to th8 8Xt8nt olhèmsb ￿Al￿tlY stsled In our reporL we do not express any fomi of as5uran¢e ¢on¢lusion thereon. In connactlon with our audit ot the financial slatements. our res￿nSIbIlity is lo read the other information ￿d, in doing 80, conslder whether tho other Snfomiation Is materially Inconslstent with the financial statements or our kn￿edge obtained the audit QT Qthernise appears to be matertally misslated. If we identify such material inconsi$len¢ies or apparent materi81 misststemenls. we are required to detemiln& ￿ether this gives rise to a material misstatement in the financial stslemenls thernselvès. If. bagad on th8 wotl( w8 have performed, we conclude that there is a malerial misstalemenl of this other infomi8tion. we are requyed lo report that facl. We have Thjthing to report in this Tegard. Matt•rs on whlch we are required to report byexceptlon We have nothing to ￿port In respect of the followiro matters where the Charitiés (Accounts and Rèports) R8gulations 2008 i￿5 us to report to you W, In our opinion.. the InformatSon given in the Report of the Trvstees is inconsi8lent In any matsrfal mspect ￿th lh& financial statements. or sufflclent accounting records have not been kept.. or tha financial statements are not in agreemenl wth thg accounting records and retum8; or Wg have not received all the infomiallon and explanations we require for our audit Responslbllltle8 of trust•¢s As explained Tnore fully in St8tèmènt of TnJsta8s' R8spondbiliti8s, thè trustees are responsible for the preparation of the rinancial staternenls wh￿h give 8 true and falr vi8w. and for such Intemal ¢ontrol as the Irustees detemiine Is necessary to enable Ihe preparation of ffinarKlal statsmonts that are freo from material misstatement. vA)ett￿r due to fraud or error. In preparfng the finanrjal ststements, thè trustees s￿ rosponsibla for a￿aS￿r¥j th8 tharlty's abilty to continu& as a golng concem, dlsclosing, as applicable, mattérs rèlatèd to ytsing eonc8rn and using the going concem basis of accoLmtiNJ unloss thp trustees either intend to liquidate the charity or lo Ceasg operatipns, or have no reali*iG a￿¢Ma￿V¢ but lo do so. Page 9 REPORT OF THE INDEPENDEbTh AUDITORS TO THE TRUSTEES OF THE FOUNDAnON CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL Our r•sponslbllltl•s for th• audlt of th• tlnanclal sLit•ments Wè havè bÈèn appolntÈd as audltr>rs undar Sèclon 144 of the CharfUe$ AGt 2011 and report Sn accordance wlth the Act and relewant regulatlons made or having effect thereunder. Our objectives are to obtain reasonable assur8n¢e about whèthèr th8 finanelal st8t8m8nts as 8 ￿18 arè fr88 from material misstatement, whether due to fraud or error, #nd to 1È8uè a Rèport of th& Ind8pènd6nt ALtditors that Indudés our opinion. Reasonable assurance is a high level of assurance, bul is not a guaranleg Ih8t an audit conducted in accordance with ISA IUK} wll a￿ayS detect a mateiial misstalemenl when It e￿818. Misstatsments can arise from traud or error and are considered material if. individually or in the aggregate, they could reasonabty be eypectsd to snfluencg the e¢onomic de¢ision$ of users tsken on the basls of I￿se ffinanclal statements. Th8 Èxtènt to thich our proc8dur8s 8r& cap8bl8 of d8tecting irregularities, including trauil 18 detailed below.. It t¥ the primary raspon￿bilIty of the Iru5teas to ensu￿ that the Gharity's op¢ralh)ns are conducted In accLYdance wlth the provisions of laws and regulatlons and for the wevgntion and dete¢tiiM offraud. In Identifying and a&8essing risks of maleiial mi5Statemenl in respoct of irregjlarttlès. Ir￿lUdIng fraud. th8 a￿lIt èngag8m8nt t&am: obtained an understanding of the naluTe of the charity, Ir￿lUdIng the legal and regulatory frameworks that the charity operat¢s In and how the ¢harfty Is complylng wSlh the legal and regulatory frameworks; - enquired of managemenl. and those charged ￿4th governance, about their own identifjcation 8nd assessment ofthe ri$k$ of irwularities, Includi￿ any known actual. suspecled or alleged InStan￿S of fraud- - dis¢u$$$d mattérs about non-compllaneA whh laws and regulations and how fiaud might occur inclL*Jing a55es8ment of how and whèrè thè financlal stat8m8nts may bè susc8ptible to fraud. As a result of these procedures we consider the most signfficanl laws and regulauons that have a dlrect Impact on the financial statements are the FRS 102, the Charities SORP and thè Charitles Act 2011. Wè perfomied audlt procethjras to detect non-compliances which may have a material impact on thè fin8nd81 statèmants. whlch induded.. Reviewing ffinancial statement di8clo3ures and le6￿ng to supporting documgnlabon to a55ess wmplianre appliGable laws and regulation - Auditing the risk of management overrfde of controls, induding through testing joum81 ontri8s and othèr 8dju8tm8nt8 fr)r oppropriateness, evaluating thè business rationale in relation to signfficartt, unusual tr8nÈaction8 and transactions 8nt8r6d Into outside the normal course of business and assessing whelherthe judggments made in tnaknng accounting estiffialgs are Indlcadv8 of Wential bias. Enquiring of management around actual and potentlal litigation and daims. - Erwuiring of chartty's staff in compllance functlons to identify any inslances of non-¢ompli8iieÈ with Im and reJJlathon$. - ReVie￿ing minuies of meetings of manBgeThnt. Be¢ausè of tha inhar6nt Ilmhations of an autht, there is a risk thatwe wll not detect all Irregularities. includlng those leading to a material misslalem9nt in the finanGial stst¢ments or non-c0mp1lan￿ wlih regulati(￿. This risk increases the moTe Ihal compliance wth a law or regulation 1$ ￿MOved from the events and transactions reflected in the financial statements, as we will belgss likely to become awarè of insta)ces of non-compliance. The risk is also greater regarding iwlarities occurring dug lo fraud rather than error, as fraud invofv8s Intentional conceaknent, forgery, colhjsion, omission or misrepresentation. A further d8scription of our Tesponsibilili95 fDr tho audit gf Ihe financial statements Is located on ￿ Flnanclal Reporung CouncAI's webslle at www.frc.org.uklaudttorsrespon&biSties. Thls descrfpuon forms part of our Rep￿t of the INJependent Audhors. Harwoods 15 eligible for appoinlment as audltorof the charfty by ￿rtue of.lls e1lglbl1￿for appolntrnentas audrtor of a company Lmd8r seciion 1212 of the Companles Act 20￿. Page 10 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL Use of ¢Jur roport Thls report bs made solely to Ihe charity's trustees, as 8 bocty, in ¥¢¢ordan¢e Mrith Part 4 01 tha Charttiès {AecountS and Reports) Regulatlons 2008. Our audit work has been undertaken so that we might Stste lo the charity'5 trustee8 th059 matters Wè 8r8 r6qtJlr8d to st8t8 to th8m in an auditors, report and for no other purpose. To the fvllesl gxtenl pe￿￿￿ted by law, we do not awpt or assu￿ responsibility to anyone othw than the charity and the charity's trustees a8 8 body. for our audit work, for this TepoTL or for the opinions have f(ffiied. Harwoods Istatutory audltor 1 Trinlty Pl￿8 Midland Dri Sutton Coldfigld West MKlland8 B72 1rA 15 May 2￿23 P8g611 THE FOUNDATION CHARrrY OF BISHOP VESEVS GRAkqfvlAR SCHOOL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 2022 Total fvnd8 2021 Total funds Unr8strfctad funds R8thcted ftjn Endowment fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 94.896 94.896 94,183 Investrnenl irKon 7,730 97,986 105,716 105,961 102,626 97,986 200,612 200.144 EXPENDITURE ON Charitsble ¥ctivrf£ies Charitsble activities Other expenolilure 77,382 5.676 44.794 21.043 143,219 5,676 321.078 8.400 83,058 44,794 21,043 148,895 329.478 Nel gainslll(Tr88es} on inv88tsftents 363.1401 {363,140} 443,472 NET INCOMEIIEXPENDITURE) Transfers between fund$ 19,568 87.305 44,7941 1286,1971 187.3051 {311,4231 314,138 12 Net movement In funds 106,873 44.7941 373.5021 {311,4231 314.138 RECONCILIATION OF FUNDS Tot81 brought fotward 261.072 1.783,444 3,475.850 5.520,366 5.208.228 TOTAL FUNDS CARRIED FORWARD 367,945 1,738.650 3,102.348 5.208,943 5.520.366 The notgs fomi part ofthese finanrial $t*ments PAnA I? THE FOUNDATK)N CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL BALANCE SHEET 31 AUGUST 2022 2022 2021 Notes FIXED ASSETS Tangible assets Ib7V•gtments Investments So¢ial investsnent8 1,738,649 1,783,444 2.513,813 3.432,239 4,252,462 5.2fj5.683 ¢URReNT AS8Er8 Debtors Cash at bank and in hand 8,545 956.225 11.499 301.948 964.770 313,447 CREDITORS Amounts fallng withln one year 10 18,289 18,7641 NET CURRENT ASSErs 956.481 304.683 TOTAL ASSETS LESS CURRENT UABIUTIES 5,208,943 5,520,366 NET ASSETS 5,208,943 5,520,366 FUND5 Unre$liict•d funds ReS￿¢te￿ fund$ Endowment funds 12 367,945 1.738,650 3,102,348 261,072 1,783,444 3,475.850 TOTAL FUNDS 5,208,943 5,520,366 Thè financial Statements *tre approved by the Board of Trustees and authorised for issue on 15 May 2023 and We￿ signed on its behalf by.. MrD The notes lorrn part ofthese fin￿¢181 staten￿nts Pagè 13 THE FOUNDATKIN CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 LEGAL STATUS OF THE CHARtrY Tha Foundation Charity Of Bishop Vesey's Gr￿rnar School 18 0 Charttable ￿InCOrpOrated (hganlsaUon and istered al the Charfty ComnNS￿0n In England and Wales under ¢hartty numbèr 517907. is The ad(kess of ¢h8AVs registered offic8 and Principal place ol business Can be fO￿d in the charftys Infomiaoon ACCOUNTING POLICIES Basls of prep•rfng thè finaneial statsmonts ThB flnancial statements of the charity. which is 8 public bEn￿t entity under FRS 102. have been prepared in 8ccordancè the char￿eS SORP IFRS 1021 Accounting and Reporting by Chaddes: Statement of Recommended Practicg 8ppliGabte to charities preparfng their ￿)Unts in 8¢¢ordan¢6 with thè Flnanci81 Reporbng Standard appI￿able in the UK and Rewblic of Ireland IFRS 1021 {effedivè 1 January 20191,. Fina￿￿81 Rèporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and thg ChaTbbes Act 2011. TF rmancial statsm8nts have bean prepared under the historical cost convention. wtth the exception of investrnents ich are in¢ludad al market value. as modified by the revaluation of certain assets. The flnancial statsments are p￿pared In stertlng, ￿lch is the fLmCtional currency ofthe charfty. Monotsry amounts In se financial statements arè rounded tr) thè ngar8St £. In¢omo All incorne is re￿nIs6d In the Ststement of Financial Activities once th8 charity has entillemenl lo the fund$. tt 1$ probable Ihat th8 ineom6 I￿11 bè rècèivèd and the amount can be measured reliabty. Planned givlru recelvabl8 under gtft aid is recognlsed on when received. Income tsx recov6rabl• on glft ald donations Is recognised when the incomè is r8ealv8d. Investment income is eamed through ￿ldIng assets for Invesknent PUTPOSeS such as shares and property. 11 Includès dividends. interesl and rent. Interest incomB IS recognised using thè effective interest method thvidend 8nd rent income is recognised as the charity's right to re¢8ive payment is established. Other in¢ome inchjdes the conversion of endowmerttfunds intr) Incomé which ￿SeS when capltal fund$ are released to an Income fvnd from expendable endowments. 11 also includos other income such as gains on disposals of tanglblè fix8d assets. Expenillture Liabilities are recognised as eXpe￿IltUre as 800n as I￿re is a legal ￿ constructive obligation committing the Charity to Ihat expenditure. It is probable that a transfei of Économle benèfits Vlill b8 required in settlement and the amounl of the obligalon can be measured reliabty- ExpÉnditum is aecount8d for on an accruals basis and has been classlfied under headlngs that aggregate all Cost Telaled lo the category. Where ¢annot be dlrectly attrfbuled to partlcular hèadlngs thay have been allocated to activitie8 on a ba818 CIMl8istsnt th Ule use of re￿rees. Tanglble fixed assets Depreciation is provided al the following annual rates In order to write off each asset over its estimated useful I￿e. Freehold property 2•k on eosl T#Kation Thè tharlty Is oxempl from tsx ￿ its charftable advilies. Fund accountlng Unrestrf¢ted funds can be used in accordan￿ wth thè ch8rl18b￿ obl8CtIv8s at the thscretion of the trustees. Restricted funds can only be used for particular reslrl¢ted purpose$ wmhin the oblecls of the Ch￿ty. Restrictions 8ri8& whèn speaffi8d by the donor or when funds are r8ise(l ft)r parb¢ular ￿$t￿ted purposes. Further ¢xplanaJon ofthe nature and purpose of each fijnd 18 ineludBd li th8 notès to the ffinanaal statements. Page 14 continued... THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES- conllnued Fund accountlng Endowment funds represent those assets which musl be held perni8n8ntly by th8 charfty. prfnclpally 18aseho propertl8s and investments. Income arising on the endowment fvnds can be used in accordance with the objects of th8 charity and is included as uNeslrKted income. Any c4)itsl gains or losses arisi￿ on the Invest￿nts fomi part of the fund. Investment management charges and legal advice relating to the [￿￿ arè chargÉil against thè fijnd. Flxed asset Investments Fixed asset investrnents are included at rnarket value at the bal8n¢o sh88t dat8. Raallsad galns and k)ss&s on investments are C￿C￿lated as the difference betr￿en the sales proceeds and their market value at Ihe start of thg year, or thèir subs8qu8nl cost, and are charged or credited lo the statement of financial act1W￿85 in the period of disposal. UnTealised galns awKI10859s represent the movements In mavket values during the year and are credited or charge to the Slalemenl of Financial ActivÈties based on the market valuè al the year end. INVESTP￿NT INCOME 2022 2021 7,678 97,962 76 2,494 103,342 125 Inve8lment Income Deposit account interest 105.716 105.%1 AuD￿ORs. REMUNERATION 2022 2021 Fees payable to the Cha￿￿5 auditors for th6 8udlt of thè charitys financial statements 5.316 5,160 TRUSTEES. REMUNERATION AND BENEFITS There werg no trustees. remun&r8tion or other ￿nefft$ for the year ended 31 August 2022 nor fLY the year 6nd8(1 31 Augvst 2021. Trust•es' 6xpens08 There ￿re no trustses, exponses paSd for the year ended 31 August 2022 norfor Ihe year ended 31 Augu8t 2021. cOMPARATV￿s FOR THE STATEMENT OF FINANGIAL AGfiviTIES Unr68trictÉd R8sfficted funds funds Endowment f￿d Total fijnds INCOME AND ENDOMIETrifs FROM Donations and legaues 87.594 6.589 94,183 Investment income 124 105,837 105,961 T¢Jtal 87,718 6.589 105.837 200.144 EXPENDITURE ON Charitable activities Charitable 8¢tiwliÈs Olherexponditure 254,368 8.400 21,768 321,078 8,400 Total 262.768 21,768 329,478 Page 15 conJnued... THE FOUNDAnoN CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMEvfs- ¢ontlnu•d FOR THE YEAR ENDED 31 AUGUST 2022 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTNIMES- contlnued Unrestricted Reslricled funds fijnds Endowment fvnd Total fvnds N8t gains on investments 443.472 443,472 NET INCOMEIIEXPENDITURE) Transfers betwo¢n fund¥ 1175,0481 64,691 138.3551 38,131 527,541 1102,822) 314.138 Net mov•mgnt In funds 1110,3571 12241 424,719 314,138 RECONCIUATION OF FUNDS Totsl funds brought forward 371,429 1,783,668 3.051,131 5.206,228 TOTAL FUNDS CARRIEO FORWARD 261.072 1.783.444 3.475,850 5,520,366 TANGIBLE FIXED ASSETS Froehold property COST At 1 Septernber 2021 and 31 August 2022 2,480,766 DEPRECIATION At 1 S8pt8mb8r 2021 Charge for year 697,322 44.795 At 31 August 2022 742,117 NET BOOK VALUE At 31 August 2022 1.n8.649 At 31 August 2021 1,783.444 Pag8 16 conlinued... THE FOUNDATION CHARITY OF BISHOP VESEVS GRAMAIAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS. ¢ontlnued FOR THE YEAR ENDED 31 AUGUST 21)22 FIXED ASSET INVESTMENTS Listed Inve$tments MARKET VALUE At 1 September 2021 Addttion8 Di5p¢sals 3,165,580 912.038 11.467.324) At31 A￿U&l2022 2,610,294 PROVISIONS At 1 September 2021 Revaluation aDI f8dlhl8s to be Ltsed by local organisaiions in return for a fee. The Academy 8150 #¢tsvdy Èr@agès ￿￿th 8￿Mn& of the school through its dedicated alumni website. Lettings are now at their optimum level. Publle b8n•fit Th9 Trustees have had duè regard to the Charity Commission's published g￿dance on thè Publie Bénofit requrement undèr Chartbes Act 2011 when exerasiro th8iT powers and duiies under the obj6cts of the Foundation Charity. P8g8 3 THE FOUNDATION CHARrrY OF BISHOP VESEYS GRAMMAR SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENT AND PERFORMANCE Charltable acllvitles The achievement and SLKc&8ses of the Foundation Charity are reffte¢ted in the ￿￿vement and perlomiance of the Acaderny. It gjpports the Acadgmls vislon which 18 to offer in$piration and excellènce thmugh off8ring Wie Vesey Experien￿.: - Inspirational t8aching and outstsnding leaming - Academic exc8llence, a spirit of enqviry and ojrioslty - Enrithment opportunthes buildin9 leadership. Independence and resilierTh- A warm oulw8ttklookirtg eommunty. calèbralng diverstty and supporbng others. The Academy 1$ a SP8Ci81 placè, provldlng Bn OLrtstsnding. academically challenging and well-roLmded e(lucalion IOT able students from Biningham and across the Midlands sln¢e the 161h Cenlury. The Academy's academic PTofi18 IS comfortably in the top fifty 8chools nationally.. B6.3Yo A'-B IA level. 20221. 74.7°k of all grades at GCSE being achieved as ￿7 {GCSE, 20221 with 54% ofthese res￿t8 at grade 8 8nd 9. Just underthree quarters of its students leav8 al 18 to study at the ￿StIgIoUS Russell Gry)up universities. At the samè timè, tt8 axtrxutheular promsion is first-rate. wide.ran9ing and of n8Uonal renown. Thè h8N)Inèss and saf8ty of every student are of paramount Importance lo all stsff. The Academy tskes Ihe timè tr) get to know evgry studgnl and thoiT individual need* The Academls suc¢e$8 is founded on thè commltm8nt of very well qualffied staff to high standard& outstandirrfJ b8haviow, outstsnding tea¢hing and lèarn¥￿. StL•Jents leam the skills they nBed to thrive in the 21st Century. The Academy encourages creatiwty and team-￿Irking and promotes intellectual rigour, problem sofving and independenc8. The Foundatlon Charity supports the A¢ademy lo provlde sludgnts wlth &xdtlng and m¢moTable oppcffbjnltles includlng n8Uonal lavel Coaching in singing, hockey, rugby, Towng. tennis aTKI netball. The A¢ad¢my also benefits from a large team of h￿hlY qualif￿d and ￿diCated peripatetic music teachers. Students are 4s0 able tr) parbclpate In the Duke of EdInbu￿h scheme. The Academy 1$ not inward l(M)klng and So￿1￿ to others is something the Ac4dgmy values. The students 8re endlesdy devising ways to r8lsè monèy f￿ other charities. Whilst the Acad8my Is fun there is no doubbng the seriousness ol the A¢ademy's moral purpose. The curriculum ptowsion al Ihe Acad&my go8s significanly beyond the national pres￿IptiOnS to offer ¢halleng8 to the Gifted and Talented whtt arè èncour8ged tr> pursu8 the¥ passion for study to reach levels of achigvernenl well in advance of expected nomis. The Academy ha8 an increa8ing numbei of contacts unlversty departments and seeks to build partnership5 to r8188 a$pIra￿onS for stu¢Jenls who wll pwr&&8 to dègr8e courses at top universiéies. The Academy was judged -OutstawKllng' by Ofslgd in Octobpr 2014 YeacheTS cornmunScated a passlon for their subl￿t knspiriro their students to want lo leam rnOTe.... stsndards are consistently amongst the highest in Ihe county. Students are provided vhth a wealth of opportunities that enable thèm to OXC81'. OFSTED 2014. Page 4 THE FOUNDATION CHARITY OF BISHOP VESEY GRAMMAR SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 FINANCIAL REVIEW Investment ptsllcyand obJ¢CU￿5 The Pemianent EndoN￿ent of the Foundation Charity eonslgt8 of thé ass8ts arising from the Original endo¥wnent from Blshop Vesey in 1527. Over the year5, rnuch of the original endowmgnt of land and PrOpe￿eS have been sold aThJ the proceeds used to buy the current land and buildings occupipd by the AC￿l￿MY and olhervAse Invested to generate an income i¢h 1$ used to further the objects of the Foundation Charity. As at 31 August 21J22 Ihe assets in the Pennanerrt Endowment were.. - Thè18nd and bullithngs occupi8d by th8 Academy in Lichfield Ro•J. Sutton Coldfleld - Thg freehold r9verslon of 4 housos in Sutton Cc4df*ld11 freehold sold lo the tenant in October 20191 - 21 Acres of farmland at Lindridge Road Sutton Coldfipld - Property at Honeybome Road Icurrenlly o¢¢upied by an Academy employee) Investments managed as 8 discrètionary portfollo by QulM8r Chèvlot valued at £2.572,402 which is an decrea8e of £363,140 since Auwst 2021 Incl Cash Funds of £49.990. It musl be noted tho1 £5CiI.OOD was ￿thdrawn from Inveskn8nts in June 2022 and held on deposii In the Capitsl Transactions bank aG¢ount. The Academy does not pay any rent or licence fee for the us8 of the Land and BuildlThJs In recognSUon of Ihe School's oblert1￿ of b&ing establis￿ for the publlc b8nefiL Tho Board of Trust88s ov8rse8s th8 investments. The Board ha5 maintalned Its target of geriBr8ling an annwal I[￿Me of £100,000, whlch was achieved wlth an 1￿me of £100.220 In the year endirrfJ 31 August 2022. This in¢ome i¥ w)r8strict8d income and is PXPBwKled by Trusts¢s in pursuance of the objects of the Charity. Pr¢p•rty In¢ome The rentsl income from the houses and the Farniland is minimal 1£1,5981 as the IK)u8es have bgen let on lon9 leases govemod by thè L88s8hold Refomi Act 1957. This income is likely to decrease over lime as freeholds are sold to the tenants upon r8quesI. Any fund$ ggner*d by the sale of the house fr*holds or the Farmland are treated a8 End(p+m￿nI Funds will be addgd to the ￿rtfoliO wilh Q￿ller Chewot In order to generate fvrther income for the Ch8rity- No Frè8htsld8 werè sold in 2021-22. In$plrntion and Excellence Fund Donatims from parants and supporters of the 8chool contlnue each year and the fvnd received £94.647 in 2021-22. ExperKlltur8 Irom the fund rm ¢harftable activities was £43.031. R•s•rves policy The tru8l*s ￿vIeW the reserve levels of Ihe Foundation Chartty annually. ThTrs rwlaw takes Into account th8 total amunt of uncommitted funds avallable together the current and future foroea$l lèvèls of inc(fft8 and èxpenditu￿. The cuffent Reserves Policy rèqulres a mlnlmum of £50,000 of unrestricted fund8 (from Investment income and from In$piffjtic>n Ex¢ellence Fundg) to b8 héld as contingéncy in reserve. The Foundation Charity wa$ ￿)lding free reserves at 31st August 2022 of £367,945 which r8pr8santad an 8xcèss of reserves. Suwplu$ reserves wll b& made avallable to provide ffinancial 8UPPOrt for the fuluY8 plans of thg school below, thu$ r8du¢ing Ihè dèmand on tha usè of Permanent Endowment Fund& The amount of Teslri¢tsd rgsgwves ar9 £1.738.650 The amount of 9ndowfflent funds are £3,102,348 The total lunds held are £5,208,943. Page 5 THE FOUNDATrON CHARITY OF BISHOP VESEYE GRAMMAR SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 FunJRE PLANS The Foundation Charity %yill continug to SUPPQrt vision and elhos of the Acathmy to help it achi8ve Its ambitions set tsut in its School Development Plan each year. The Foundation CharSty support propo$al$ by th• A¢ad8my to rèfurblsh 8xisir@ build*ws and d8v8lop new spa￿S to accomnM)date the school expansion over the next f8w years. The Twstges have agreed to support these prOj￿ts with donallon of £77.500 from the Inspiration and Excellence Fund and up to £400.000 of Pemianent Endowment Funds to support these projects. The Trust￿ have taken on board the leamlng from the development of the STEM Blod( laftd ils consequent overspend) and have ensured that thè Acad8my Is fulty supported by prof8ss*)nals at every stsge of th8 process. The Foundation Charity will Con￿nUe lo use the Insptrallon and E￿Ilence Fund to support Acadgmy Instialves Including.. . The conl1nu￿g development of ICT Ythin the mU￿C Depathent - Supporling Cwdculum blds from indbvidual departments for Cijrrieulum Enrichm&nL - Suppotting Student Serninars in support of pewn81, 80¢ial, h88￿h and Èconomle. - Thè Foundauon Charity will also continue to provide ffinancial support lo wpils affectsd by disadvontsge. The TNste¢s TrMII Con￿nUe to revlew the govemance of Ihe Academy and Thè Foundatlon Ch8rlty tr) 8nsur8 thBt each organtsaiion is compliant wfth the ￿napleS of good govemance set ￿1 in guidaneè from thè Charfty Commlsslon. STRUCTURE, GOVERNANCE AND MANAGEMENT Govornlng documont On 1 May 1957 the m￿l$t¢rfr)r EdueAllon est8blSsh8d a now scheme for the Foundation and Its andowmenl and th18 thma forns the Goveming Doeumènt oftha FCrtJnda￿0n Charity. Chaiity con8tltutlc*n Bishop Vèsèy's Grammar School was founded in 1527 by John Harnian lotherw18e known as Ve8ey) a native of Sutton Coldfield. Vestsy was Bishop of Exoter and was o close adthsor to Klng Henry Vlll. In the 0￿1n81 Found8tion Deed, Vesey gave the yearfy rent of £7 payable out of some properties and land In Sutton Coldffield to 21 prwale truslees to pay a ffl pgrson to teach grammar and thetori¢ to local boys. Over the years the school evolved and became a Voluntary Aided School ￿1n the Cty of Bimiingh8m supportèd by thè 8ssats and •ndowment held by the Foundation Charity of the s￿e name. The Foundalon Charity registered wlh Charity Commlssl(m on 8 September 1986. The School became an Academy on 1 April 2012. Aead8my status gives the Governors of the Schx*l more flexibllty in decldlng the School curriculum, th6 number of puplls 8dmittgd tr> Iho S¢hool In drfIe￿nt years and the t&mis ofemploymenl of staff (subject to Employment Law}. The Govemmenl fvnds Ihe day lo day wnning of the School. induding Ihe payment of salariès, books. equipment, healing, intgmal repairs etc. These moni68 8ra kept entlrely separate from tha Foundation Charity'$ funds arnj do not fomi part of these 8¢counts. Th8 1957 Chdar astoblishing the scheme was modified by a new Or(ler datsd 1 April 2012 tg tske awjunt of Ihe School's nèw status as an Academy. Unlil Octgbor 2020. The Academy and the Foundation Charity were both known as Blshop Vèsey's Grammar School. In order to distinguish the ￿, the Charity changed its name in Oclob8r 2020 to The Foundauon Charity of Bishop Vesey's Grammar Sch(KJl' and its gOVernar￿ structure was changed lo demonstrate its independen¢efrom the tnanagement of thè Sehool. R•crultment and appolntsnent of ngw trustses In accordanc£ with clause 4 of the 1957 Order (8$ amènd8d by tha 2012 ￿d￿r and the resolution datod 12 October 20201, th¢ number of TNstees shall be not less than 5. The H8adt8ach&r and Chair of Govemors of the Academy are automalully appointed ex-officio. Trustees of the Foundatitin Charity aro 01hgMse appointed by the Trustees for the limo being. The Board has r6gard to the regular skills an8ty￿S Garrie(l out by the Board when makiTh3 these appolntments and seeks to ffll any gaps In its sknlls or knO￿edge. Organi6a￿Onal strurturo The Board of Trustees is responsibltr all major declsons about Ihe Foundation Charity and for sotting all pjlicies lor the Charity. Page 6 THE FOUNDATION CHARITY OF BISHOP VESEYS GRAMPAAR SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT ¢ision making The Trustses meet a$ a board at least once per tem) to oversee the manag&menl of the assets of the Foun(Jallon Charfty and th& 6xp8ndltura of Its Income. Th& management of the slte (Kcupled by the Academy. the Inspirdtion and Excellence Fund and 8ny a$sodat8d fundraising have been delega￿1 to the A￿demY and the Trustees receNe regular repJrt$ from the Sch￿1 Finance and Op¢ratlons Director. Indudlon and tr•ining of new trustees The Char+ty has an inducti()n programme for 811 nèw Trustees, led by the aerk lo the Trustse5. Trustegs are en￿Uraged to atiend appropriate external tr8ining èvènts where th8se will faciliti*e the undertaklng of their role. Relatèd partiès Thé Fount5ation Ch8rfty Is estsblshed lo support the Academy known as Bishop V$8èWs Gr8mmar School. a company l¥nited by guaranleg, r8gislratign numb¢r 7986¥21. The obigcls and actNitie$ of the Found8tlon Charity arè 8llgn8d wilh the objects and activilie8 of the A¢ademy whtch are: - To advance for the public benèffit edueadon In tha Uni18d Kingdom. by establishlng, malnfaining. carrying on, m8n•Jing and developing a school offering 8 broad and balanced ¢urriGulum. Promoting facilii*s for recreation or other 18isvre time 0￿UpatIOn In the Interests of social welfare Impmvl￿ th8 condition of life forthe inhabltants of Sutton Coldfield. Any Govemors of the Academy who are also 8 Trust8& of th8 Foundation Charity disdose any pec￿nIary or other inlere8ts which may bè connectod with the Academy or the FoundatK5n Charity. STATEMENT OF TRUSTEES. RESPONSIBILITIES Thè trustees are respon81ble for preparing the Report of Ihe Trustees and the financial ststements in ac¢ord8nc8 wlth applicable law and Unlted Kirudom Accounting Stsndards {United KltvJdom Generally Accepted Accounting Practlce}. The law appllcable lo chaTities in ErvJl8nd and W8188, thé Charit*s Act 2011. Charity (Accounts and Reports) Regulations 2008 and the provlsions of the trust deed requir88 the truslges to pr¢par¢ finanaal statements for each flnancial year which give 8 tnJ8 2nd fair view of Ihe state of affairs of thg charity and of the Incomi￿ resoufces and appllcation of resources, includin9 th8 income and expenditure. of the charity for that period. In preparing those financial statements, the trustees are requlred to select Suitablè accountlng pollciès and then apply them consistsntly., observe thè mèthods and principles in the Charity SORP,. make judgements and estirnales that are reasonable and prud8nl- prepare the financial stat¢tn¢nts on Ihe golng concem basis unles5 it is inappropri8ts to presume th81 Ihe charity wlll contlnue In busine8S. The truslees are re¥)on8ible for k8eplng proper a￿ntIng records whlch d58ck)se wth reasonablb accuracy at any time the flnancial position of the chartty an(1 to enable them to ensure that the financial ststements Comply wrfh the cha￿tI￿S Act 2011. thè Charity {Account8 and Report81 Regula￿nS 2008 and the provisions of the trust dead. They 8r8 also rtssponslble for sBfryLFarding the assets of t1￿ charity and hanc8 for tsklng reasonable steps for the preven￿0￿ and detection of fra￿1 and other irregularities. Ststsm¢nt as to dsclosvr• to our audltors In so as tho tru51p9s a￿ awarE at the Ilme of approving our twstses, 8nnual rÈwJtrt' there is no relevant infomiatson. bakng inforniation needed by th8 audltOT In Connection with preparing their f¢FWJrt, of whlch the Foundation Charity's audltor Is unaware. and the trustees, havlng made enquiries of fellow trustees and Ihe Foundation Charftys audttor that th8y Ought to have Individually taken, have each taken all steps that helshe is obliged to take as a Irustse in order lo make themselves aware of any relevant audit inforrn8tion 8nd to èstsblish that the auditor is aware ofthal info￿Nation. Page 7 THE FOUNDATION CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL REPORT OF THE TrUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 ef of the board of trustses on 15 May 2023 and Slwed ¢n rt8 behaw by.. MID Pagè 8 REPORT OF THE INDEPENDENT AUD￿oRs TO THE TRUSTEES OF THE FOUNDATION CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL OplnSgn We have audited the finawal stalgments of Th8 FoundatK)n Charity of Bishop Ve8ey's Grafftmor School Ithe'chArity} for Iha year ended 31 August 2022 which comprise the Ststement of Finan¢ial A¢tivities, the Balance Sheet and n(rt88 to Iha financial stalements, including a sumrnary of signifficant ac¢ounting poli¢i8s. The financi81 r8porbng framèwork th81 has b88n 8pplled in Ihelr preparation is applicable law and United Kingdom Accounting Standar(J$ IUnh8d Kingdom Generally Accepted Accounting Practice). In our Opini￿ tho financial statements.. give a true and fair view of Ihe slate of ￿ charitys affairs as at 31 August 2022 and of its incoming resources and application of resources, for the year then ended.. ho￿ bèèn pmpèrty pr8p8rad In accordanc8 with United Kingdom G8neralty Accepted Accounting Practi￿.. and hav6 been prepared in accordance whh th8 requlrements of the Charitles Act 2011. Basls for oplnlon We conducted our 8udit in ac¢ordanGe wllh Inlernationol Standards on Audilng (UK} IISAS (UK)) and appllcable law. r8sponsibllili86 under those stsndaids are further described in the Auditors, responslblllups for the audit of the fknandal 81alements section of our report. We are indepèndent of charity in accordance wlth the ethical requirements that are relevant to our audtt of the financial ststement$ in the UK. including th8 FRC'S Ethlcal Standard, and we have l￿filled our other ethical responsibilities in 8¢¢ordaneÈ ￿1th thè88 rèqulrèmènts. We beliwe that tho aurfil gvidgn¢e we have obtained Is sufficient and appropriate lo wovide a basts for our opinion. C¢nduslons r•I￿n9 to golng eone•m In audtling thg ffnancial stslern8tts. we hovg Gon¢luded that the twsle¢s' use of the golng concem basls of accoUn￿n￿ In thg preparation of the financi81 staternen18 18 appr(4)riate. Based on the work we have performèd, WÈ havè not id8ntifièd any matèrfal unc8rtainli8s relating to evants or COnd￿onS that. Individually or colleclNely, may cast 8ignrficant doubl on the Gharftvs ability to continug as a going wncem ft)r a p81iod of al 188St tsvelve months frorn when the financlal stalements are aullK>riSed for issue. Our ￿SponSibl11t1eS and the respjnslbilllies of the tsuslees with resFeCt to going ¢oneèm dèscribèd in the rèlèvxnt 8e¢tK>ns of this rewrt. Other Infomiatlon The tnjstees are responsible for th6 other Inf0M￿tion. The other Infonnation ¢ompdse$ the Infom)atlon Included In I Annual Report, olher than the flnanclal staternents and our Rgport of the Independent Auditors thereon. Our opinion on the )Inancial statements does not cover Ihe other infom)ation and, 6xr￿p1 to th8 8Xt8nt olhèmsb ￿Al￿tlY stsled In our reporL we do not express any fomi of as5uran¢e ¢on¢lusion thereon. In connactlon with our audit ot the financial slatements. our res￿nSIbIlity is lo read the other information ￿d, in doing 80, conslder whether tho other Snfomiation Is materially Inconslstent with the financial statements or our kn￿edge obtained the audit QT Qthernise appears to be matertally misslated. If we identify such material inconsi$len¢ies or apparent materi81 misststemenls. we are required to detemiln& ￿ether this gives rise to a material misstatement in the financial stslemenls thernselvès. If. bagad on th8 wotl( w8 have performed, we conclude that there is a malerial misstalemenl of this other infomi8tion. we are requyed lo report that facl. We have Thjthing to report in this Tegard. Matt•rs on whlch we are required to report byexceptlon We have nothing to ￿port In respect of the followiro matters where the Charitiés (Accounts and Rèports) R8gulations 2008 i￿5 us to report to you W, In our opinion.. the InformatSon given in the Report of the Trvstees is inconsi8lent In any matsrfal mspect ￿th lh& financial statements. or sufflclent accounting records have not been kept.. or tha financial statements are not in agreemenl wth thg accounting records and retum8; or Wg have not received all the infomiallon and explanations we require for our audit Responslbllltle8 of trust•¢s As explained Tnore fully in St8tèmènt of TnJsta8s' R8spondbiliti8s, thè trustees are responsible for the preparation of the rinancial staternenls wh￿h give 8 true and falr vi8w. and for such Intemal ¢ontrol as the Irustees detemiine Is necessary to enable Ihe preparation of ffinarKlal statsmonts that are freo from material misstatement. vA)ett￿r due to fraud or error. In preparfng the finanrjal ststements, thè trustees s￿ rosponsibla for a￿aS￿r¥j th8 tharlty's abilty to continu& as a golng concem, dlsclosing, as applicable, mattérs rèlatèd to ytsing eonc8rn and using the going concem basis of accoLmtiNJ unloss thp trustees either intend to liquidate the charity or lo Ceasg operatipns, or have no reali*iG a￿¢Ma￿V¢ but lo do so. Page 9 REPORT OF THE INDEPENDEbTh AUDITORS TO THE TRUSTEES OF THE FOUNDAnON CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL Our r•sponslbllltl•s for th• audlt of th• tlnanclal sLit•ments Wè havè bÈèn appolntÈd as audltr>rs undar Sèclon 144 of the CharfUe$ AGt 2011 and report Sn accordance wlth the Act and relewant regulatlons made or having effect thereunder. Our objectives are to obtain reasonable assur8n¢e about whèthèr th8 finanelal st8t8m8nts as 8 ￿18 arè fr88 from material misstatement, whether due to fraud or error, #nd to 1È8uè a Rèport of th& Ind8pènd6nt ALtditors that Indudés our opinion. Reasonable assurance is a high level of assurance, bul is not a guaranleg Ih8t an audit conducted in accordance with ISA IUK} wll a￿ayS detect a mateiial misstalemenl when It e￿818. Misstatsments can arise from traud or error and are considered material if. individually or in the aggregate, they could reasonabty be eypectsd to snfluencg the e¢onomic de¢ision$ of users tsken on the basls of I￿se ffinanclal statements. Th8 Èxtènt to thich our proc8dur8s 8r& cap8bl8 of d8tecting irregularities, including trauil 18 detailed below.. It t¥ the primary raspon￿bilIty of the Iru5teas to ensu￿ that the Gharity's op¢ralh)ns are conducted In accLYdance wlth the provisions of laws and regulatlons and for the wevgntion and dete¢tiiM offraud. In Identifying and a&8essing risks of maleiial mi5Statemenl in respoct of irregjlarttlès. Ir￿lUdIng fraud. th8 a￿lIt èngag8m8nt t&am: obtained an understanding of the naluTe of the charity, Ir￿lUdIng the legal and regulatory frameworks that the charity operat¢s In and how the ¢harfty Is complylng wSlh the legal and regulatory frameworks; - enquired of managemenl. and those charged ￿4th governance, about their own identifjcation 8nd assessment ofthe ri$k$ of irwularities, Includi￿ any known actual. suspecled or alleged InStan￿S of fraud- - dis¢u$$$d mattérs about non-compllaneA whh laws and regulations and how fiaud might occur inclL*Jing a55es8ment of how and whèrè thè financlal stat8m8nts may bè susc8ptible to fraud. As a result of these procedures we consider the most signfficanl laws and regulauons that have a dlrect Impact on the financial statements are the FRS 102, the Charities SORP and thè Charitles Act 2011. Wè perfomied audlt procethjras to detect non-compliances which may have a material impact on thè fin8nd81 statèmants. whlch induded.. Reviewing ffinancial statement di8clo3ures and le6￿ng to supporting documgnlabon to a55ess wmplianre appliGable laws and regulation - Auditing the risk of management overrfde of controls, induding through testing joum81 ontri8s and othèr 8dju8tm8nt8 fr)r oppropriateness, evaluating thè business rationale in relation to signfficartt, unusual tr8nÈaction8 and transactions 8nt8r6d Into outside the normal course of business and assessing whelherthe judggments made in tnaknng accounting estiffialgs are Indlcadv8 of Wential bias. Enquiring of management around actual and potentlal litigation and daims. - Erwuiring of chartty's staff in compllance functlons to identify any inslances of non-¢ompli8iieÈ with Im and reJJlathon$. - ReVie￿ing minuies of meetings of manBgeThnt. Be¢ausè of tha inhar6nt Ilmhations of an autht, there is a risk thatwe wll not detect all Irregularities. includlng those leading to a material misslalem9nt in the finanGial stst¢ments or non-c0mp1lan￿ wlih regulati(￿. This risk increases the moTe Ihal compliance wth a law or regulation 1$ ￿MOved from the events and transactions reflected in the financial statements, as we will belgss likely to become awarè of insta)ces of non-compliance. The risk is also greater regarding iwlarities occurring dug lo fraud rather than error, as fraud invofv8s Intentional conceaknent, forgery, colhjsion, omission or misrepresentation. A further d8scription of our Tesponsibilili95 fDr tho audit gf Ihe financial statements Is located on ￿ Flnanclal Reporung CouncAI's webslle at www.frc.org.uklaudttorsrespon&biSties. Thls descrfpuon forms part of our Rep￿t of the INJependent Audhors. Harwoods 15 eligible for appoinlment as audltorof the charfty by ￿rtue of.lls e1lglbl1￿for appolntrnentas audrtor of a company Lmd8r seciion 1212 of the Companles Act 20￿. Page 10 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL Use of ¢Jur roport Thls report bs made solely to Ihe charity's trustees, as 8 bocty, in ¥¢¢ordan¢e Mrith Part 4 01 tha Charttiès {AecountS and Reports) Regulatlons 2008. Our audit work has been undertaken so that we might Stste lo the charity'5 trustee8 th059 matters Wè 8r8 r6qtJlr8d to st8t8 to th8m in an auditors, report and for no other purpose. To the fvllesl gxtenl pe￿￿￿ted by law, we do not awpt or assu￿ responsibility to anyone othw than the charity and the charity's trustees a8 8 body. for our audit work, for this TepoTL or for the opinions have f(ffiied. Harwoods Istatutory audltor 1 Trinlty Pl￿8 Midland Dri Sutton Coldfigld West MKlland8 B72 1rA 15 May 2￿23 P8g611 THE FOUNDATION CHARrrY OF BISHOP VESEVS GRAkqfvlAR SCHOOL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 2022 Total fvnd8 2021 Total funds Unr8strfctad funds R8thcted ftjn Endowment fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 94.896 94.896 94,183 Investrnenl irKon 7,730 97,986 105,716 105,961 102,626 97,986 200,612 200.144 EXPENDITURE ON Charitsble ¥ctivrf£ies Charitsble activities Other expenolilure 77,382 5.676 44.794 21.043 143,219 5,676 321.078 8.400 83,058 44,794 21,043 148,895 329.478 Nel gainslll(Tr88es} on inv88tsftents 363.1401 {363,140} 443,472 NET INCOMEIIEXPENDITURE) Transfers between fund$ 19,568 87.305 44,7941 1286,1971 187.3051 {311,4231 314,138 12 Net movement In funds 106,873 44.7941 373.5021 {311,4231 314.138 RECONCILIATION OF FUNDS Tot81 brought fotward 261.072 1.783,444 3,475.850 5.520,366 5.208.228 TOTAL FUNDS CARRIED FORWARD 367,945 1,738.650 3,102.348 5.208,943 5.520.366 The notgs fomi part ofthese finanrial $t*ments PAnA I? THE FOUNDATK)N CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL BALANCE SHEET 31 AUGUST 2022 2022 2021 Notes FIXED ASSETS Tangible assets Ib7V•gtments Investments So¢ial investsnent8 1,738,649 1,783,444 2.513,813 3.432,239 4,252,462 5.2fj5.683 ¢URReNT AS8Er8 Debtors Cash at bank and in hand 8,545 956.225 11.499 301.948 964.770 313,447 CREDITORS Amounts fallng withln one year 10 18,289 18,7641 NET CURRENT ASSErs 956.481 304.683 TOTAL ASSETS LESS CURRENT UABIUTIES 5,208,943 5,520,366 NET ASSETS 5,208,943 5,520,366 FUND5 Unre$liict•d funds ReS￿¢te￿ fund$ Endowment funds 12 367,945 1.738,650 3,102,348 261,072 1,783,444 3,475.850 TOTAL FUNDS 5,208,943 5,520,366 Thè financial Statements *tre approved by the Board of Trustees and authorised for issue on 15 May 2023 and We￿ signed on its behalf by.. MrD The notes lorrn part ofthese fin￿¢181 staten￿nts Pagè 13 THE FOUNDATKIN CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 LEGAL STATUS OF THE CHARtrY Tha Foundation Charity Of Bishop Vesey's Gr￿rnar School 18 0 Charttable ￿InCOrpOrated (hganlsaUon and istered al the Charfty ComnNS￿0n In England and Wales under ¢hartty numbèr 517907. is The ad(kess of ¢h8AVs registered offic8 and Principal place ol business Can be fO￿d in the charftys Infomiaoon ACCOUNTING POLICIES Basls of prep•rfng thè finaneial statsmonts ThB flnancial statements of the charity. which is 8 public bEn￿t entity under FRS 102. have been prepared in 8ccordancè the char￿eS SORP IFRS 1021 Accounting and Reporting by Chaddes: Statement of Recommended Practicg 8ppliGabte to charities preparfng their ￿)Unts in 8¢¢ordan¢6 with thè Flnanci81 Reporbng Standard appI￿able in the UK and Rewblic of Ireland IFRS 1021 {effedivè 1 January 20191,. Fina￿￿81 Rèporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and thg ChaTbbes Act 2011. TF rmancial statsm8nts have bean prepared under the historical cost convention. wtth the exception of investrnents ich are in¢ludad al market value. as modified by the revaluation of certain assets. The flnancial statsments are p￿pared In stertlng, ￿lch is the fLmCtional currency ofthe charfty. Monotsry amounts In se financial statements arè rounded tr) thè ngar8St £. In¢omo All incorne is re￿nIs6d In the Ststement of Financial Activities once th8 charity has entillemenl lo the fund$. tt 1$ probable Ihat th8 ineom6 I￿11 bè rècèivèd and the amount can be measured reliabty. Planned givlru recelvabl8 under gtft aid is recognlsed on when received. Income tsx recov6rabl• on glft ald donations Is recognised when the incomè is r8ealv8d. Investment income is eamed through ￿ldIng assets for Invesknent PUTPOSeS such as shares and property. 11 Includès dividends. interesl and rent. Interest incomB IS recognised using thè effective interest method thvidend 8nd rent income is recognised as the charity's right to re¢8ive payment is established. Other in¢ome inchjdes the conversion of endowmerttfunds intr) Incomé which ￿SeS when capltal fund$ are released to an Income fvnd from expendable endowments. 11 also includos other income such as gains on disposals of tanglblè fix8d assets. Expenillture Liabilities are recognised as eXpe￿IltUre as 800n as I￿re is a legal ￿ constructive obligation committing the Charity to Ihat expenditure. It is probable that a transfei of Économle benèfits Vlill b8 required in settlement and the amounl of the obligalon can be measured reliabty- ExpÉnditum is aecount8d for on an accruals basis and has been classlfied under headlngs that aggregate all Cost Telaled lo the category. Where ¢annot be dlrectly attrfbuled to partlcular hèadlngs thay have been allocated to activitie8 on a ba818 CIMl8istsnt th Ule use of re￿rees. Tanglble fixed assets Depreciation is provided al the following annual rates In order to write off each asset over its estimated useful I￿e. Freehold property 2•k on eosl T#Kation Thè tharlty Is oxempl from tsx ￿ its charftable advilies. Fund accountlng Unrestrf¢ted funds can be used in accordan￿ wth thè ch8rl18b￿ obl8CtIv8s at the thscretion of the trustees. Restricted funds can only be used for particular reslrl¢ted purpose$ wmhin the oblecls of the Ch￿ty. Restrictions 8ri8& whèn speaffi8d by the donor or when funds are r8ise(l ft)r parb¢ular ￿$t￿ted purposes. Further ¢xplanaJon ofthe nature and purpose of each fijnd 18 ineludBd li th8 notès to the ffinanaal statements. Page 14 continued... THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES- conllnued Fund accountlng Endowment funds represent those assets which musl be held perni8n8ntly by th8 charfty. prfnclpally 18aseho propertl8s and investments. Income arising on the endowment fvnds can be used in accordance with the objects of th8 charity and is included as uNeslrKted income. Any c4)itsl gains or losses arisi￿ on the Invest￿nts fomi part of the fund. Investment management charges and legal advice relating to the [￿￿ arè chargÉil against thè fijnd. Flxed asset Investments Fixed asset investrnents are included at rnarket value at the bal8n¢o sh88t dat8. Raallsad galns and k)ss&s on investments are C￿C￿lated as the difference betr￿en the sales proceeds and their market value at Ihe start of thg year, or thèir subs8qu8nl cost, and are charged or credited lo the statement of financial act1W￿85 in the period of disposal. UnTealised galns awKI10859s represent the movements In mavket values during the year and are credited or charge to the Slalemenl of Financial ActivÈties based on the market valuè al the year end. INVESTP￿NT INCOME 2022 2021 7,678 97,962 76 2,494 103,342 125 Inve8lment Income Deposit account interest 105.716 105.%1 AuD￿ORs. REMUNERATION 2022 2021 Fees payable to the Cha￿￿5 auditors for th6 8udlt of thè charitys financial statements 5.316 5,160 TRUSTEES. REMUNERATION AND BENEFITS There werg no trustees. remun&r8tion or other ￿nefft$ for the year ended 31 August 2022 nor fLY the year 6nd8(1 31 Augvst 2021. Trust•es' 6xpens08 There ￿re no trustses, exponses paSd for the year ended 31 August 2022 norfor Ihe year ended 31 Augu8t 2021. cOMPARATV￿s FOR THE STATEMENT OF FINANGIAL AGfiviTIES Unr68trictÉd R8sfficted funds funds Endowment f￿d Total fijnds INCOME AND ENDOMIETrifs FROM Donations and legaues 87.594 6.589 94,183 Investment income 124 105,837 105,961 T¢Jtal 87,718 6.589 105.837 200.144 EXPENDITURE ON Charitable activities Charitable 8¢tiwliÈs Olherexponditure 254,368 8.400 21,768 321,078 8,400 Total 262.768 21,768 329,478 Page 15 conJnued... THE FOUNDAnoN CHARITY OF BISHOP VESEYS GRAMMAR SCHOOL NOTES TO THE FINANCIAL STATEMEvfs- ¢ontlnu•d FOR THE YEAR ENDED 31 AUGUST 2022 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTNIMES- contlnued Unrestricted Reslricled funds fijnds Endowment fvnd Total fvnds N8t gains on investments 443.472 443,472 NET INCOMEIIEXPENDITURE) Transfers betwo¢n fund¥ 1175,0481 64,691 138.3551 38,131 527,541 1102,822) 314.138 Net mov•mgnt In funds 1110,3571 12241 424,719 314,138 RECONCIUATION OF FUNDS Totsl funds brought forward 371,429 1,783,668 3.051,131 5.206,228 TOTAL FUNDS CARRIEO FORWARD 261.072 1.783.444 3.475,850 5,520,366 TANGIBLE FIXED ASSETS Froehold property COST At 1 Septernber 2021 and 31 August 2022 2,480,766 DEPRECIATION At 1 S8pt8mb8r 2021 Charge for year 697,322 44.795 At 31 August 2022 742,117 NET BOOK VALUE At 31 August 2022 1.n8.649 At 31 August 2021 1,783.444 Pag8 16 conlinued... THE FOUNDATION CHARITY OF BISHOP VESEVS GRAMAIAR SCHOOL NOTES TO THE FINANCIAL STATEMENTS. ¢ontlnued FOR THE YEAR ENDED 31 AUGUST 21)22 FIXED ASSET INVESTMENTS Listed Inve$tments MARKET VALUE At 1 September 2021 Addttion8 Di5p¢sals 3,165,580 912.038 11.467.324) At31 A￿U&l2022 2,610,294 PROVISIONS At 1 September 2021 Revaluation a