2023-08-31-accounts - The Foundation Charity of Bishop Vesey's Grammar School

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REGISTERED CHARITY NUMBER: 517907

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

Harwoods (Statutory auditor)

1 Trinity Place Midland Drive Sutton Coldfield West Midlands B72 1TX

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

		Page
Reference and Administrative Details		1
Report of the Trustees	2	to	8
Report of the Independent Auditors	9	to	11
Statement of Financial Activities		12
Balance Sheet		13
Notes to the Financial Statements	14	to	19
Detailed Statement of Financial Activities		20

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2023

TRUSTEES	Mrs J L Davis
	Mr D Carter Chairman
	Mr P Sheriff (appointed 5.12.2022)
	Mr M Maybury (appointed 5.12.2022)
	Mr D Robson
	Mr A Robinson
	Mr M King
PRINCIPAL ADDRESS	Lichfield Road
	Sutton Coldfield
	West Midlands
	B74 2NH
REGISTERED CHARITY NUMBER	517907
AUDITORS	Harwoods
	(Statutory auditor)
	1 Trinity Place
	Midland Drive
	Sutton Coldfield
	West Midlands
	B72 1TX
SOLICITORS	Eddows Perry Osbourne
	46 High Street
	Sutton Coldfield
	B72 1UL
	Browne Jacobson
	Victoria Square House
	Victoria Square
	Birmingham
	B2 4BU
ADVISERS	Quilter Cheviot
	Two Snowhill
	Birmingham
	B4 6GA

Page 1

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Foundation Charity are:

After payment of any expenses of administration, the net income of the Foundation shall be applied by the Trustees in one or more of the following ways:

(a) the provision of a site in Sutton Coldfield for the School.

(b) in providing special benefits for the School of a kind not normally provided by public funds.

(c) in awarding to pupils who are attending or who have attended the School, exhibitions tenable at the school or at any training college for teachers, university or other institution of further (including professional and technical) education approved by the Trustees.

(d) in providing financial assistance, outfits, clothing, tools, instruments or books to enable pupils and former pupils of the School, on leaving the School or other educational institution to prepare for, or to assist in their entry into a profession, trade or calling.

(e) in otherwise promoting the education including social and physical training of pupils and former pupils of the school.

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THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

OBJECTIVES AND ACTIVITIES

Significant activities

(a) The Foundation Charity owns the land and buildings on Lichfield Road which are occupied by the Academy. The Foundation Charity have continued to support the proposed new Learning Resource Centre having resolved to allocate up to £300,000 of income funds to the project. £220,539 of income funds have been used to date to support the early stages of the project and further income funds will be used to support further pre construction costs and fees. The Charity had also initially gained approval from the Charity Commission to use up to £2,700,000 of permanent endowment funds to support the development.

The construction phase of the Learning Resource Centre Project will start in 2024 and additional funds will still to ave to be raised. The Charity has previously agreed to allocate both income and permanent endowment funds to support the new interim infrastructure plans associated with expansion of the Academy. This included making an application to the Charity Commission to use up to £400,000 of the permanent endowment funds to support this and accommodate expansion to date.

(b) (i) The Foundation Charity maintains the Inspiration and Excellence Fund which receives regular donations from pupils' families and other supporters of the school.

During a normal year, the Inspiration and Excellence Fund support a range of activities including:

Out of hours' extra-curricular activities such as music, rugby and school trips
Hockey and netball coaching
Supporting continued development of school rowing
Supporting further development of Vesey Music

(ii) The Foundation Charity makes £2,500 available each year to support staff welfare; In 2022-23 £3,010 was spent on the BHSF Rise Support Package and other staff welfare initiatives. There was expenditure of £5,000 towards the upkeep of property £7,000 was directly donated to enable the school to provide support students affected by disadvantage.

for

The Charity also provides £15,000 of funding from its Inspiration and Excellence Fund for the 'Staff' Reward Scheme' which provides funding to staff who are supporting extra-curricular activities on and off-site out of usual school hours. In 2022-23 the Foundation Charity donated £7,500 to the Enrichment Fund for the Academy to support clubs and activities undertaken by students. The Foundation Charity also donated £1,417 for a range of workshops across the school for Personal, Social, Health, and Economic (PHSE) Education. The Foundation Charity also made a donation to the School for the upkeep of the Rowing programme.

(c)The Foundation Charity provides prizes and trophies for the Main School Presentation evening in July and school Speech Day in April each year. These events celebrate the success of current and former pupils of the Academy. In 2022-23 the actual costs were £1,571 including the costs associated with updating and maintenance of the prize boards in school.

(d) The Foundation Charity have not received any applications from pupils or former pupils for this type of funding in the past year.

(e) In addition to the activities funded by the Inspiration and Excellence Fund outline at (b)(i) above, the Academy also operated a Lettings Policy which enables the school facilities to be used by local organisations in return for fee. Lettings are now at their optimum level.

(f) The Academy also actively engages with alumni of the school through its dedicated alumni website.

Public benefit

The Trustees have had due regard to the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011 when exercising their powers and duties under the objects of the Foundation Charity.

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THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The achievement and successes of the Foundation Charity are reflected in the achievement and performance of the Academy. It supports the Academy's vision which is to offer inspiration and excellence through offering 'the Vesey Experience':

Inspirational teaching and outstanding learning
Academic excellence, a spirit of enquiry and curiosity
Enrichment opportunities building leadership, independence and resilience- A warm outward-looking community,
celebrating diversity and supporting others.

The Academy is a very special place, providing an outstanding, academically challenging and well-rounded education for able students from Birmingham and across the Midlands since the 16th Century. The academic profile is comfortably in the top fifty schools nationally: 80% A-B and 56% A-A (A level, 2023), with 70% of all grades at GCSE being achieved as 9-7 (GCSE, 2023), with 46% of these results at grade 8 and 9. Three quarters of the students leave at 18 to study at the prestigious Russell Group universities. At the same time, the extra-curricular provision is first-rate, wide-ranging and of national renown.

The happiness and safety of every student are of paramount importance to all staff. The Academy takes the time to get to know every student and their individual needs.

The Academy's success is founded on the commitment of very well qualified staff to high standards, outstanding behaviour, outstanding teaching and learning.

Students learn the skills they need to thrive in the 21st Century. The Academy encourages creativity and team-working and promotes intellectual rigour, problem solving and independence.

The Foundation Charity supports the Academy to provide students with exciting and memorable opportunities including national level coaching in singing, hockey, rugby, rowing, tennis and netball. The Academy also benefits from a large team of highly qualified and dedicated peripatetic music teachers. Students are also able to participate in the Duke of Edinburgh scheme and a wide array of extra-curricular activities.

The Academy is not inward looking and service to others is something the Academy values. The students are endlessly devising ways to raise money for other charities. Whilst the Academy is fun there is no doubting the seriousness of the Academy's moral purpose.

The curriculum provision at the Academy goes significantly beyond the national prescriptions to offer challenge to the Gifted and Talented who are encouraged to pursue their passion for study to reach levels of achievement well in advance of expected norms.

The Academy has an increasing number of contacts with university departments and seeks to build partnerships to raise aspirations for students who will progress to degree courses at top universities.

The Academy was judged "Outstanding" by Ofsted in October 2014 "Teachers communicated a passion for their subject inspiring their students to want to learn more.... standards are consistently amongst the highest in the country. Students are provided with a wealth of opportunities that enable them to excel" - OFSTED 2014.

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THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW

Investment policy and objectives

The Permanent Endowment of the Foundation Charity consists of the assets arising from the original endowment from Bishop Vesey in 1527. Over the years, much of the original endowment of land and properties have been sold and the proceeds used to buy the current land and buildings occupied by the Academy and otherwise invested to generate an income which is used to further the objects of the Foundation Charity.

As at 31 August 2023 the assets in the Permanent Endowment were:

The land and buildings occupied by the Academy in Lichfield Road, Sutton Coldfield
The freehold reversion of 2 houses in Sutton Coldfield (2 freeholds sold to tenants in September 2022)
21 Acres of farmland at Lindridge Road Sutton Coldfield
Property at Honeyborne Road (currently occupied by an Academy employee)
Investments managed as a discretionary portfolio by Quilter Cheviot valued at £2,144,660 which is an decrease of £369,153 since August 2023. It must be noted that £480,633 is currently held outside the investment portfolio and is retained as cash deposit in the Capital Transactions bank account and associated fixed term account.

The Academy does not pay any rent or licence fee for the use of the Land and Buildings in recognition of the School's objective of being established for the public benefit.

The Board of Trustees oversees the investments. The Board has reviewed its target of generating an annual income of £100,000, and an income of £85,302 was achieved in the year ending 31 August 2023. This income is unrestricted income and is expended by the Trustees in pursuance of the objects of the Charity.

Property income

The rental income from the houses and the Farmland is minimal (£1,674) as the houses have been let on long leases governed by the Leasehold Reform Act 1957. This income is likely to decrease over time as freeholds are sold to the tenants upon request. Any funds generated by the sale of the house freeholds or the Farmland are treated as Endowment Funds and will be added to the portfolio with Quilter Cheviot in order to generate further income for the Charity. Two Freeholds were sold in 2022-23.

Inspiration and Excellence Fund

Donations from parents and supporters of the school continue each year and the fund received £90,967 in 2022-23. Expenditure from the fund on charitable activities was £30,379.

Reserves policy

The trustees review the reserve levels of the Foundation Charity annually. This review takes into account the total amount of uncommitted funds available together the current and future forecast levels of income and expenditure. The current Reserves Policy requires a minimum of £50,000 of unrestricted funds (from Investment income and from Inspiration and Excellence Funds) to be held as contingency in reserve.

The Foundation Charity was holding free reserves at 31st August 2023 of £479,362 which represented an excess of reserves. Surplus reserves will be made available to provide financial support for the future plans of the school outlined below, thus reducing the demand on the use of Permanent Endowment Funds.

The amount of restricted reserves are £1,705,139, the amount of endowment funds are £2,823,928 and the total funds held are £5,008,429.

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THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

FUTURE PLANS

The Foundation Charity will continue to support the vision and ethos of the Academy to help it achieve its ambitions set out in its School Development Plan each year.

The Foundation Charity support proposals by the Academy to refurbish existing buildings and develop new spaces to accommodate the school expansion over the next few years. The Trustees have agreed to support these projects with a donation of £70,000 from the Inspiration and Excellence Fund and up to £2,700,000 of Permanent Endowment Funds to support these projects.

The Trustees have taken on board the learning from the development of the STEM Block (and its consequent overspend) and have ensured that the Academy is fully supported by professionals at every stage of the process.

The Foundation Charity will continue to use the Inspiration and Excellence Fund to support Academy initiatives including:

The continuing development of ICT within the Music Department
Supporting Sporting Excellence through the use of professional sports coaches
Supporting Curriculum bids from individual departments for Curriculum Enrichment.
Supporting Student Seminars in support of personal, social, health and economic.
The Foundation Charity will also continue to provide financial support to pupils affected by disadvantage.

The Trustees will continue to review the governance of the Academy and The Foundation Charity to ensure that each organisation is compliant with the principles of good governance set out in guidance from the Charity Commission.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

On 1 May 1957 the Minister for Education established a new scheme for the Foundation and its endowment and this scheme forms the Governing Document of the Foundation Charity.

Charity constitution

Bishop Vesey's Grammar School was founded in 1527 by John Harman (otherwise known as Vesey) a native of Sutton Coldfield. Vesey was Bishop of Exeter and was a close advisor to King Henry VIII. In the original Foundation Deed, Vesey gave the yearly rent of £7 payable out of some properties and land in Sutton Coldfield to 21 private trustees to pay a fit person to teach grammar and rhetoric to local boys. Over the years the school evolved and became a Voluntary Aided School within the City of Birmingham supported by the assets and endowment held by the Foundation Charity of the same name.

The Foundation Charity was registered with the Charity Commission on 8 September 1986.

The School became an Academy on 1 April 2012. Academy status gives the Governors of the School more flexibility in deciding the School curriculum, the number of pupils admitted to the School in different years and the terms of employment of staff (subject to Employment Law). The Government funds the day to day running of the School, including the payment of salaries, books, equipment, heating, internal repairs etc. These monies are kept entirely separate from the Foundation Charity's funds and do not form part of these accounts.

The 1957 Order establishing the scheme was modified by a new Order dated 1 April 2012 to take account of the School's new status as an Academy.

Until October 2020, The Academy and the Foundation Charity were both known as Bishop Vesey's Grammar School. In order to distinguish between the two, the Charity changed its name in October 2020 to 'The Foundation Charity of Bishop Vesey's Grammar School' and its governance structure was changed to demonstrate its independence from the management of the School.

Recruitment and appointment of new trustees

In accordance with clause 4 of the 1957 Order (as amended by the 2012 Order and the resolution dated 12 October 2020), the number of Trustees shall be not less than 5. The Headteacher and Chair of Governors of the Academy are automatically appointed ex-officio. Trustees of the Foundation Charity are otherwise appointed by the Trustees for the time being. The Board has regard to the regular skills analysis carried out by the Board when making these appointments and seeks to fill any gaps in its skills or knowledge.

Organisational structure

The Board of Trustees is responsible for all major decisions about the Foundation Charity and for setting all policies for the Charity.

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THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Decision making

The Trustees meet as a board at least once per term to oversee the management of the assets of the Foundation Charity and the expenditure of its income.

The management of the site occupied by the Academy, the Inspiration and Excellence Fund and any associated fundraising have been delegated to the Academy and the Trustees receive regular reports from the School Finance and Operations Director.

Induction and training of new trustees

The Charity has an induction programme for all new Trustees, led by the Clerk to the Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Related parties

The Foundation Charity is established to support the Academy known as Bishop Vesey's Grammar School, a company limited by guarantee, registration number 7986921. The objects and activities of the Foundation Charity are aligned with the objects and activities of the Academy which are:

" To advance for the public benefit education in the United Kingdom, by establishing, maintaining, carrying on, managing and developing a school offering a broad and balanced curriculum.
" Promoting facilities for recreation or other leisure time occupation in the interests of social welfare and improving the condition of life for the inhabitants of Sutton Coldfield.

Any Governors of the Academy who are also a Trustee of the Foundation Charity disclose any pecuniary or other interests which may be connected with the Academy or the Foundation Charity.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving our trustees' annual report:

there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the Foundation Charity's auditor is unaware, and
the trustees, having made enquiries of fellow trustees and the Foundation Charity's auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a trustee in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

Approved by order of the board of trustees on 11 March 2024 and signed on its behalf by:

Dean Carter (Mar 19, 2024 15:29 GMT)

Mr D Carter - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

Opinion

We have audited the financial statements of The Foundation Charity of Bishop Vesey's Grammar School (the 'charity') for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 August 2023 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

It is the primary responsibility of the trustees to ensure that the charity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the charity, including the legal and regulatory frameworks that the charity operates in and how the charity is complying with the legal and regulatory frameworks;
enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are the FRS 102, the Charities SORP and the Charities Act 2011. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements, which included:

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and assessing whether the judgements made in making accounting estimates are indicative of potential bias.
Enquiring of management around actual and potential litigation and claims.
Enquiring of charity's staff in compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of management.

Because of the 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 with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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 audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Harwoods is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Harwoods

(Statutory auditor) 1 Trinity Place Midland Drive Sutton Coldfield West Midlands B72 1TX

11 March 2024

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THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 3 Other income Total EXPENDITURE ON Charitable activities Charitable activities Other expenditure Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 12 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 91,007 10,716 - 101,723 62,691 - 62,691 - 39,032 72,385 111,417 367,945 479,362	Restricted funds £ 11,283 - - 11,283 44,794 - 44,794 - (33,511) - (33,511) 1,738,650 1,705,139	Endowment fund £ (1) 87,257 64,020 151,276 147,802 - 147,802 (209,509) (206,035) (72,385) (278,420) 3,102,348 2,823,928	2023 Total funds £ 102,289 97,973 64,020 264,282 255,287 - 255,287 (209,509) (200,514) - (200,514) 5,208,943 5,008,429	2022 Total funds £ 94,896 105,716 - 200,612 143,219 5,676 148,895 (363,140) (311,423) - (311,423) 5,520,366 5,208,943

The notes form part of these financial statements

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THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

BALANCE SHEET 31 AUGUST 2023

Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS	2023 £ 1,693,855 2,144,660 3,838,515 6,511 1,171,415 1,177,926 (8,012) 1,169,914 5,008,429 5,008,429 479,362 1,705,139 2,823,928 5,008,429	2022 £ 1,738,649 2,513,813 4,252,462 8,545 956,225 964,770 (8,289) 956,481 5,208,943 5,208,943 367,945 1,738,650 3,102,348 5,208,943

The financial statements were approved by the Board of Trustees and authorised for issue on 11 March 2024 and were signed on its behalf by:

Dean Carter (Mar 19, 2024 15:29 GMT)

Mr D Carter - Trustee

The notes form part of these financial statements

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THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. LEGAL STATUS OF THE CHARITY

The Foundation Charity Of Bishop Vesey's Grammar School is a Charitable unincorporated Organisation and is registered at the Charity Commission in England and Wales under charity number 517907.

The address of the charity's registered office and principal place of business can be found in the charity's information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Planned giving receivable under gift aid is recognised on when received. Income tax recoverable on gift aid donations is recognised when the income is received.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.

Other income includes the conversion of endowment funds into income which arises when capital funds are released to an income fund from expendable endowments. It also includes other income such as gains on disposals of tangible fixed assets.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 14

continued...

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Fund accounting

Endowment funds represent those assets which must be held permanently by the charity, principally leasehold properties and investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Fixed asset investments

Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between the sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of financial activities in the period of disposal.

Unrealised gains and losses represent the movements in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

3. INVESTMENT INCOME

Rents received Investment income Deposit account interest AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements	2023 £ 10,674 85,517 1,782 97,973 2023 £ 5,730	2022 £ 7,678 97,962 76
		105,716
		2022 £ 5,316

4. AUDITORS' REMUNERATION

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable activities Other expenditure Total	Unrestricted funds £ 94,896 7,730 102,626 77,382 5,676 83,058	Restricted funds £ - - - 44,794 - 44,794	Endowment fund £ - 97,986 97,986 21,043 - 21,043	Total funds £ 94,896 105,716
				200,612
				143,219 5,676
				148,895

Page 15

continued...

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment funds funds fund £ £ £ Net gains/(losses) on investments - - (363,140) NET INCOME/(EXPENDITURE) 19,568 (44,794) (286,197) Transfers between funds 87,305 - (87,305) Net movement in funds 106,873 (44,794) (373,502) RECONCILIATION OF FUNDS Total funds brought forward 261,072 1,783,444 3,475,850 TOTAL FUNDS CARRIED FORWARD 367,945 1,738,650 3,102,348 7. TANGIBLE FIXED ASSETS COST At 1 September 2022 and 31 August 2023 DEPRECIATION At 1 September 2022 Charge for year At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 September 2022 Additions Disposals At 31 August 2023 PROVISIONS At 1 September 2022 Revaluation adjustments At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022

Page 16

continued...

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

8. FIXED ASSET INVESTMENTS - continued


	2023	2022
	£	£
	2,144,660	2,513,813


	2,144,660	2,513,813

Endowment fund £ - 2,144,660 682,030 (2,762) 2,823,928 Net movement in funds £ (21,556) 60,588 39,032 (44,795) 11,284 (33,511) (206,035) (200,514)	2023 £ 6,511 2023 £ - 8,012 8,012 2023 Total funds £ 1,693,855 2,144,660 1,177,926 (8,012) 5,008,429 Transfers between funds £ 72,385 - 72,385 - - - (72,385) -	2022 £ 8,545 2022 £ 180 8,109 8,289 2022 Total funds £ 1,738,649 2,513,813 964,770 (8,289) 5,208,943 At 31.8.23 £ 220,949 258,413 479,362 1,693,855 11,284 1,705,139 2,823,928 5,008,429

Page 17

continued...

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

	Incoming	Resources	Gains and	Gains and	Movement
	resources	expended	losses		in funds
	£	£	£		£
Unrestricted funds
General fund	10,756	(32,312)		-	(21,556)
Inspiration and excellence - designated	90,967	(30,379)		-	60,588
	101,723	(62,691)		-	39,032
Restricted funds
Restricted fixed asset	(1)	(44,794)		-	(44,795)
LRC	11,284	-		-	11,284
	11,283	(44,794)		-	(33,511)
Endowment funds
Permanent endowment	151,276	(147,802)	(209,509)		(206,035)
TOTAL FUNDS	264,282	(255,287)	(209,509)		(200,514)
Comparatives for movement in funds
		Net	Transfers
		movement	between		At
	At 1.9.21	in funds	funds		31.8.22
	£	£	£		£
Unrestricted funds
General fund	114,863	(32,048)	87,305		170,120
Inspiration and excellence - designated	146,209	51,616		-	197,825
	261,072	19,568	87,305		367,945
Restricted funds
Restricted fixed asset	1,783,444	(44,794)		-	1,738,650
Endowment funds
Permanent endowment	3,475,850	(286,197)	(87,305)		3,102,348
TOTAL FUNDS	5,520,366	(311,423)		-	5,208,943

Page 18

continued...

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund Inspiration and excellence - designated Restricted funds Restricted fixed asset Endowment funds Permanent endowment TOTAL FUNDS	Incoming resources £ 7,979 94,647 102,626 - 97,986 200,612	Resources expended £ (40,027) (43,031) (83,058) (44,794) (21,043) (148,895)	Gains and Movement losses in funds £ £ - (32,048) - 51,616 - 19,568 - (44,794) (363,140) (286,197) (363,140) (311,423)

a) Unrestricted funds

These funds can be spent for any charitable purposes of a charity

b) Designated funds - Inspiration and excellence

The aim of the Inspiration and Excellence Fund is to enrich and support the school's breath-taking, extra-curricular programme, which does so much to develop student confidence, independence and resilience.

c) Restricted funds - Stem Block

These funds are used towards the build costs of the STEM block.

d) Endowment funds

These funds are invested in an investment fund which has been established for the charity. The income from investment portfolio is used to help cover the running costs of the charity.

The STEM block building fund was in deficit at 31 August 2020. This was recovered in the year to 31 August 2021, as the charity has confirmed it covered this from other funds.

13. RELATED PARTY DISCLOSURES

The trustees of the charity are also trustees of Bishop Vesey's Grammar School. During the year the following transactions took place: -

Inspiration and Excellence contribution to sports coaching £0 (2022 - £12,500) Contribution to Staff Reward Scheme £15,000 (2022 - £15,000) Inspiration and Excellence contribution to administration £5,000 (2022 - £2,452) Inspiration and Excellence contribution to Rowing £5,500 (2022 - £5,000) Inspiration and Excellence contribution to enrichment £0 (2022 - £9,400) General funds contribution to Property Maintenance £5,000 (2022 - £5,500) General funds contribution to Feasibility Study of Capital Fundraising Campaign £0 (2022 - £10,000) General funds contribution to staff salaries £5,200 (2022 - £5,200) General funds contribution for disadvantaged students £7,000 (2022 £7,000) General funds contribution for staff welfare £2,500 (2022 £2,340) Inspiration and Excellence contribution to school curriculum £7,500 (2022 - £7,500) Permanent Endowment contribution towards installation of Temporary Accommodation £131,111 (2022 £0) Inspiration and Excellence reimbursement of expenses £520 (2022 £0)

At the balance sheet date £0 (2022 - £0) was due to Bishop Vesey's Grammar School.

Page 19

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Investment income Rents received Investment income Deposit account interest Other income Sale of freehold reversions Total incoming resources EXPENDITURE Charitable activities Insurance Prizes and exhibitions Investment managers charges Administration Miscellaneous expenses Donations- School Freehold property Support costs Governance costs Auditors' remuneration Legal & professional fees Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure	2023 £ 86,506 15,783 102,289 10,674 85,517 1,782 97,973 64,020 264,282 1,337 5,490 16,690 36 1,889 179,321 44,794 249,557 5,730 - 5,730 255,287 8,995 (209,509) (200,514)	2022 £ 78,278 16,618 94,896 7,678 97,962 76 105,716 - 200,612 1,239 3,035 20,893 36 2,570 70,652 44,794 143,219 5,316 360 5,676 148,895 51,717 (363,140) (311,423)

This page does not form part of the statutory financial statements

Page 20

REGISTERED CHARITY NUMBER: 517907

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

Harwoods (Statutory auditor)

1 Trinity Place Midland Drive Sutton Coldfield West Midlands B72 1TX

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

		Page
Reference and Administrative Details		1
Report of the Trustees	2	to	8
Report of the Independent Auditors	9	to	11
Statement of Financial Activities		12
Balance Sheet		13
Notes to the Financial Statements	14	to	19
Detailed Statement of Financial Activities		20

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2023

TRUSTEES	Mrs J L Davis
	Mr D Carter Chairman
	Mr P Sheriff (appointed 5.12.2022)
	Mr M Maybury (appointed 5.12.2022)
	Mr D Robson
	Mr A Robinson
	Mr M King
PRINCIPAL ADDRESS	Lichfield Road
	Sutton Coldfield
	West Midlands
	B74 2NH
REGISTERED CHARITY NUMBER	517907
AUDITORS	Harwoods
	(Statutory auditor)
	1 Trinity Place
	Midland Drive
	Sutton Coldfield
	West Midlands
	B72 1TX
SOLICITORS	Eddows Perry Osbourne
	46 High Street
	Sutton Coldfield
	B72 1UL
	Browne Jacobson
	Victoria Square House
	Victoria Square
	Birmingham
	B2 4BU
ADVISERS	Quilter Cheviot
	Two Snowhill
	Birmingham
	B4 6GA

Page 1

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Foundation Charity are:

After payment of any expenses of administration, the net income of the Foundation shall be applied by the Trustees in one or more of the following ways:

(a) the provision of a site in Sutton Coldfield for the School.

(b) in providing special benefits for the School of a kind not normally provided by public funds.

(e) in otherwise promoting the education including social and physical training of pupils and former pupils of the school.

Page 2

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

OBJECTIVES AND ACTIVITIES

Significant activities

(b) (i) The Foundation Charity maintains the Inspiration and Excellence Fund which receives regular donations from pupils' families and other supporters of the school.

During a normal year, the Inspiration and Excellence Fund support a range of activities including:

Out of hours' extra-curricular activities such as music, rugby and school trips
Hockey and netball coaching
Supporting continued development of school rowing
Supporting further development of Vesey Music

for

(d) The Foundation Charity have not received any applications from pupils or former pupils for this type of funding in the past year.

(f) The Academy also actively engages with alumni of the school through its dedicated alumni website.

Public benefit

Page 3

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Inspirational teaching and outstanding learning
Academic excellence, a spirit of enquiry and curiosity
Enrichment opportunities building leadership, independence and resilience- A warm outward-looking community,
celebrating diversity and supporting others.

The happiness and safety of every student are of paramount importance to all staff. The Academy takes the time to get to know every student and their individual needs.

The Academy's success is founded on the commitment of very well qualified staff to high standards, outstanding behaviour, outstanding teaching and learning.

Students learn the skills they need to thrive in the 21st Century. The Academy encourages creativity and team-working and promotes intellectual rigour, problem solving and independence.

The Academy has an increasing number of contacts with university departments and seeks to build partnerships to raise aspirations for students who will progress to degree courses at top universities.

Page 4

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW

Investment policy and objectives

As at 31 August 2023 the assets in the Permanent Endowment were:

The land and buildings occupied by the Academy in Lichfield Road, Sutton Coldfield
The freehold reversion of 2 houses in Sutton Coldfield (2 freeholds sold to tenants in September 2022)
21 Acres of farmland at Lindridge Road Sutton Coldfield
Property at Honeyborne Road (currently occupied by an Academy employee)
Investments managed as a discretionary portfolio by Quilter Cheviot valued at £2,144,660 which is an decrease of £369,153 since August 2023. It must be noted that £480,633 is currently held outside the investment portfolio and is retained as cash deposit in the Capital Transactions bank account and associated fixed term account.

The Academy does not pay any rent or licence fee for the use of the Land and Buildings in recognition of the School's objective of being established for the public benefit.

Property income

Inspiration and Excellence Fund

Donations from parents and supporters of the school continue each year and the fund received £90,967 in 2022-23. Expenditure from the fund on charitable activities was £30,379.

Reserves policy

The amount of restricted reserves are £1,705,139, the amount of endowment funds are £2,823,928 and the total funds held are £5,008,429.

Page 5

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

FUTURE PLANS

The Foundation Charity will continue to support the vision and ethos of the Academy to help it achieve its ambitions set out in its School Development Plan each year.

The Foundation Charity will continue to use the Inspiration and Excellence Fund to support Academy initiatives including:

The continuing development of ICT within the Music Department
Supporting Sporting Excellence through the use of professional sports coaches
Supporting Curriculum bids from individual departments for Curriculum Enrichment.
Supporting Student Seminars in support of personal, social, health and economic.
The Foundation Charity will also continue to provide financial support to pupils affected by disadvantage.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

On 1 May 1957 the Minister for Education established a new scheme for the Foundation and its endowment and this scheme forms the Governing Document of the Foundation Charity.

Charity constitution

The Foundation Charity was registered with the Charity Commission on 8 September 1986.

The 1957 Order establishing the scheme was modified by a new Order dated 1 April 2012 to take account of the School's new status as an Academy.

Recruitment and appointment of new trustees

Organisational structure

The Board of Trustees is responsible for all major decisions about the Foundation Charity and for setting all policies for the Charity.

Page 6

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Decision making

The Trustees meet as a board at least once per term to oversee the management of the assets of the Foundation Charity and the expenditure of its income.

Induction and training of new trustees

Related parties

" To advance for the public benefit education in the United Kingdom, by establishing, maintaining, carrying on, managing and developing a school offering a broad and balanced curriculum.
" Promoting facilities for recreation or other leisure time occupation in the interests of social welfare and improving the condition of life for the inhabitants of Sutton Coldfield.

Any Governors of the Academy who are also a Trustee of the Foundation Charity disclose any pecuniary or other interests which may be connected with the Academy or the Foundation Charity.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving our trustees' annual report:

there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the Foundation Charity's auditor is unaware, and
the trustees, having made enquiries of fellow trustees and the Foundation Charity's auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a trustee in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Page 7

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

Approved by order of the board of trustees on 11 March 2024 and signed on its behalf by:

Dean Carter (Mar 19, 2024 15:29 GMT)

Mr D Carter - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

Opinion

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 August 2023 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the charity, including the legal and regulatory frameworks that the charity operates in and how the charity is complying with the legal and regulatory frameworks;
enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and assessing whether the judgements made in making accounting estimates are indicative of potential bias.
Enquiring of management around actual and potential litigation and claims.
Enquiring of charity's staff in compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of management.

Harwoods is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

Use of our report

Harwoods

(Statutory auditor) 1 Trinity Place Midland Drive Sutton Coldfield West Midlands B72 1TX

11 March 2024

Page 11

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 3 Other income Total EXPENDITURE ON Charitable activities Charitable activities Other expenditure Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 12 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 91,007 10,716 - 101,723 62,691 - 62,691 - 39,032 72,385 111,417 367,945 479,362	Restricted funds £ 11,283 - - 11,283 44,794 - 44,794 - (33,511) - (33,511) 1,738,650 1,705,139	Endowment fund £ (1) 87,257 64,020 151,276 147,802 - 147,802 (209,509) (206,035) (72,385) (278,420) 3,102,348 2,823,928	2023 Total funds £ 102,289 97,973 64,020 264,282 255,287 - 255,287 (209,509) (200,514) - (200,514) 5,208,943 5,008,429	2022 Total funds £ 94,896 105,716 - 200,612 143,219 5,676 148,895 (363,140) (311,423) - (311,423) 5,520,366 5,208,943

The notes form part of these financial statements

Page 12

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

BALANCE SHEET 31 AUGUST 2023

Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS	2023 £ 1,693,855 2,144,660 3,838,515 6,511 1,171,415 1,177,926 (8,012) 1,169,914 5,008,429 5,008,429 479,362 1,705,139 2,823,928 5,008,429	2022 £ 1,738,649 2,513,813 4,252,462 8,545 956,225 964,770 (8,289) 956,481 5,208,943 5,208,943 367,945 1,738,650 3,102,348 5,208,943

The financial statements were approved by the Board of Trustees and authorised for issue on 11 March 2024 and were signed on its behalf by:

Dean Carter (Mar 19, 2024 15:29 GMT)

Mr D Carter - Trustee

The notes form part of these financial statements

Page 13

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. LEGAL STATUS OF THE CHARITY

The Foundation Charity Of Bishop Vesey's Grammar School is a Charitable unincorporated Organisation and is registered at the Charity Commission in England and Wales under charity number 517907.

The address of the charity's registered office and principal place of business can be found in the charity's information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Income

Planned giving receivable under gift aid is recognised on when received. Income tax recoverable on gift aid donations is recognised when the income is received.

Expenditure

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 14

continued...

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Fund accounting

Fixed asset investments

Unrealised gains and losses represent the movements in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

3. INVESTMENT INCOME

Rents received Investment income Deposit account interest AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements	2023 £ 10,674 85,517 1,782 97,973 2023 £ 5,730	2022 £ 7,678 97,962 76
		105,716
		2022 £ 5,316

4. AUDITORS' REMUNERATION

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable activities Other expenditure Total	Unrestricted funds £ 94,896 7,730 102,626 77,382 5,676 83,058	Restricted funds £ - - - 44,794 - 44,794	Endowment fund £ - 97,986 97,986 21,043 - 21,043	Total funds £ 94,896 105,716
				200,612
				143,219 5,676
				148,895

Page 15

continued...

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment funds funds fund £ £ £ Net gains/(losses) on investments - - (363,140) NET INCOME/(EXPENDITURE) 19,568 (44,794) (286,197) Transfers between funds 87,305 - (87,305) Net movement in funds 106,873 (44,794) (373,502) RECONCILIATION OF FUNDS Total funds brought forward 261,072 1,783,444 3,475,850 TOTAL FUNDS CARRIED FORWARD 367,945 1,738,650 3,102,348 7. TANGIBLE FIXED ASSETS COST At 1 September 2022 and 31 August 2023 DEPRECIATION At 1 September 2022 Charge for year At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 September 2022 Additions Disposals At 31 August 2023 PROVISIONS At 1 September 2022 Revaluation adjustments At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022

Page 16

continued...

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

8. FIXED ASSET INVESTMENTS - continued


	2023	2022
	£	£
	2,144,660	2,513,813


	2,144,660	2,513,813

Endowment fund £ - 2,144,660 682,030 (2,762) 2,823,928 Net movement in funds £ (21,556) 60,588 39,032 (44,795) 11,284 (33,511) (206,035) (200,514)	2023 £ 6,511 2023 £ - 8,012 8,012 2023 Total funds £ 1,693,855 2,144,660 1,177,926 (8,012) 5,008,429 Transfers between funds £ 72,385 - 72,385 - - - (72,385) -	2022 £ 8,545 2022 £ 180 8,109 8,289 2022 Total funds £ 1,738,649 2,513,813 964,770 (8,289) 5,208,943 At 31.8.23 £ 220,949 258,413 479,362 1,693,855 11,284 1,705,139 2,823,928 5,008,429

Page 17

continued...

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

	Incoming	Resources	Gains and	Gains and	Movement
	resources	expended	losses		in funds
	£	£	£		£
Unrestricted funds
General fund	10,756	(32,312)		-	(21,556)
Inspiration and excellence - designated	90,967	(30,379)		-	60,588
	101,723	(62,691)		-	39,032
Restricted funds
Restricted fixed asset	(1)	(44,794)		-	(44,795)
LRC	11,284	-		-	11,284
	11,283	(44,794)		-	(33,511)
Endowment funds
Permanent endowment	151,276	(147,802)	(209,509)		(206,035)
TOTAL FUNDS	264,282	(255,287)	(209,509)		(200,514)
Comparatives for movement in funds
		Net	Transfers
		movement	between		At
	At 1.9.21	in funds	funds		31.8.22
	£	£	£		£
Unrestricted funds
General fund	114,863	(32,048)	87,305		170,120
Inspiration and excellence - designated	146,209	51,616		-	197,825
	261,072	19,568	87,305		367,945
Restricted funds
Restricted fixed asset	1,783,444	(44,794)		-	1,738,650
Endowment funds
Permanent endowment	3,475,850	(286,197)	(87,305)		3,102,348
TOTAL FUNDS	5,520,366	(311,423)		-	5,208,943

Page 18

continued...

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund Inspiration and excellence - designated Restricted funds Restricted fixed asset Endowment funds Permanent endowment TOTAL FUNDS	Incoming resources £ 7,979 94,647 102,626 - 97,986 200,612	Resources expended £ (40,027) (43,031) (83,058) (44,794) (21,043) (148,895)	Gains and Movement losses in funds £ £ - (32,048) - 51,616 - 19,568 - (44,794) (363,140) (286,197) (363,140) (311,423)

a) Unrestricted funds

These funds can be spent for any charitable purposes of a charity

b) Designated funds - Inspiration and excellence

c) Restricted funds - Stem Block

These funds are used towards the build costs of the STEM block.

d) Endowment funds

These funds are invested in an investment fund which has been established for the charity. The income from investment portfolio is used to help cover the running costs of the charity.

The STEM block building fund was in deficit at 31 August 2020. This was recovered in the year to 31 August 2021, as the charity has confirmed it covered this from other funds.

13. RELATED PARTY DISCLOSURES

The trustees of the charity are also trustees of Bishop Vesey's Grammar School. During the year the following transactions took place: -

At the balance sheet date £0 (2022 - £0) was due to Bishop Vesey's Grammar School.

Page 19

THE FOUNDATION CHARITY OF BISHOP VESEY'S GRAMMAR SCHOOL

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Investment income Rents received Investment income Deposit account interest Other income Sale of freehold reversions Total incoming resources EXPENDITURE Charitable activities Insurance Prizes and exhibitions Investment managers charges Administration Miscellaneous expenses Donations- School Freehold property Support costs Governance costs Auditors' remuneration Legal & professional fees Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure	2023 £ 86,506 15,783 102,289 10,674 85,517 1,782 97,973 64,020 264,282 1,337 5,490 16,690 36 1,889 179,321 44,794 249,557 5,730 - 5,730 255,287 8,995 (209,509) (200,514)	2022 £ 78,278 16,618 94,896 7,678 97,962 76 105,716 - 200,612 1,239 3,035 20,893 36 2,570 70,652 44,794 143,219 5,316 360 5,676 148,895 51,717 (363,140) (311,423)

This page does not form part of the statutory financial statements

Page 20

The Foundation Charity of Bishop Vesey’s Grammar School Lichfield Road Sutton Coldfield Birmingham B74 2NH

To the trustees of The Foundation Charity of Bishop Vesey’s Grammar School,

The purpose of this letter, along with the attached schedules of professional services and standard terms of business, is to set out the basis on which we are to act as auditors of The Foundation Charity of Bishop Vesey’s Grammar School (the charity) and the respective areas of responsibility of the trustees and of ourselves.

1 Professional services provided

1.1 The professional services you have asked us to carry out are as follows:

Audit of the financial statements (appendix 1);

Accounting (appendix 2);

1.2 The scope of these services is set out in the attached schedules of professional services and should be read in conjunction with our most recent standard terms of business at appendix 3. Any additional services that you ask us to provide will be subject to new or amended terms of engagement.

2 Communication

2.1 Throughout the engagement we will communicate with Graham Swindells by telephone, by email and in person. It has been agreed that he will represent the charity in relation to the charity’s audit and accounts affairs for the accounting period ended 31[st] August 2023.

3 Agreement of terms

3.1 We may need to process and hold personal data about you and individuals associated with you. Our privacy notice, which can be found on our website www.burrows-scarborough.co.uk/engagementterms/privacynotice explains how we process personal data in respect of the various services that we provide.

3.2 The terms set out in this letter, which includes the schedules of professional services and standard terms of business, shall take effect immediately upon your countersigning this letter and returning it to us or upon the commencement of the audit, accounts and tax return for the accounting period ended 31[st] August 2023, whichever is the earlier.

3.3 Once it has been agreed, this letter will remain effective, from one engagement to another, until it is replaced or in exceptional circumstances where we are removed before the expiry of the term of office. In the instance of variations made by either parties or termination of this engagement, notice must be served in writing. We shall be grateful if you could confirm in writing your agreement to these terms by signing and returning the enclosed copy of this letter, or let us know if they are not in accordance with your understanding of our terms of engagement.

Yours faithfully,

...................................................................................................

Signed for and on behalf of Harwoods

We agree to the terms of this letter, together with the attached schedules of professional services and Standard Terms of Business.

...................................................................................................

Signed for and on behalf of The Foundation Charity of Bishop Vesey’s Grammar School

...................................................................................................

Name/Position

Dominic Robson

...................................................................................................

Date 4th September 2023

Appendix 1 - Schedule of Professional Services: Audit of the Financial Statements

1 Your responsibilities

1.1 As trustees of The Foundation Charity of Biship Vesey’s Grammar School (the charity) you are responsible for maintaining proper accounting records and an appropriate system of internal control for the charity. You are also responsible for preparing the annual report and financial statements which give a true and fair view, have been prepared in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the Charities Act 2011 ("the Act") and regulations made under it.

1.2 As trustees of a charity, you have a duty to prepare an annual report for each financial year, complying in its form and content with regulations made under the Charities Act 2011. You should also have regard to the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities', issued October 2019 by the joint SORP-making body, and any subsequent amendments or variations to this statement.

1.3 You are responsible for such internal control as you determine is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error. Additionally, you are also responsible for safeguarding the assets of the charity, complying with laws and regulations and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

1.4 You are responsible for making available to us, as and when required, all the charity’s accounting records and related financial information, including minutes of all trustees and management meetings that we need to do our work. You will provide us with all information and explanations relevant to the purpose and compilation of the financial information, and you will disclose to us all relevant information in full. You will also provide us with unrestricted access to persons within the charity from whom we determine it is necessary to obtain audit evidence.

1.5 Where audited information is published on the charity’s website or by other electronic means, it is your responsibility to advise us of any intended electronic publication before it occurs and to ensure that any such publication properly presents the financial information and auditor’s report. We reserve the right to withhold consent to the electronic publication of our report if it or the financial statements are to be published in an inappropriate manner. It is your responsibility to ensure there are controls in place to prevent or detect quickly any changes to that information. We are not required to review such controls nor to carry out ongoing reviews of the information after it is first published. The maintenance and integrity of the charity’s website is your responsibility and we accept no responsibility for changes made to audited information after it is first posted.

2 Our responsibilities

2.1 Under the Charities Act 2011 we have a statutory responsibility to report to the trustees of the charity whether in our opinion the financial statements:

give a true and fair view of the state of affairs of the charity at the year end and of its incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

In addition, we have a statutory responsibility to report by exception if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
the charity has not kept sufficient accounting records; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.

If we have nothing to report in respect of the above matters we will include a statement in our report confirming this.

2.2 We have a professional responsibility to report if the financial statements do not comply in any material respect with applicable accounting standards, unless in our opinion the non-compliance is justified in the circumstances. In determining whether or not the departure is justified we consider whether:

the departure is required in order for the financial statements to give a true and fair view; and
adequate disclosure has been made concerning the departure.

2.3 As noted above, our report will be made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work will be undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. In those circumstances, to the fullest extent permitted by law, we will not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for the audit report, or for the opinions we form. The audit of the financial statements does not relieve you of your responsibilities.

2.4 Under the Charities (Accounts and Reports) Regulations 2008 you are required to report as to whether you have given consideration to the major risks to which the charity is exposed, and to the systems designed to manage those risks. We are not required to form an opinion on the effectiveness of the risk management and control procedures.]

2.5 We have a statutory duty to report to the Charity Commission (CC) under section 156 of the Charities Act 2011 such matters (concerning the activities or affairs of the charity or any connected institution or body corporate) of which we become aware during the course of our audit which are (or are likely to be) of material significance to the CC in the exercise of their powers of inquiry into, or acting for the protection of, charities.

2.6 The provision of audit services is a business in the regulated sector under the Proceeds of Crime Act 2002 and, as such, partners and staff in audit firms have to comply with this legislation which includes provisions that may require us to make a money laundering disclosure in relation to information we obtain as part of our normal audit work. It is not our practice to inform you when such a disclosure is made or the reasons for it because of the restrictions imposed by the ‘tipping off’ provisions of the legislation.

2.7 Should matters or significant facts that may bear upon our integrity, objectivity and independence arise, you will be informed of these on a timely basis.

3 Scope of audit

3.1 Our audit will be conducted in accordance with the International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Those standards require that we plan and perform our audit in order to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

3.2 As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Read all financial and non-financial information (other information) included in the annual report other than the financial statements and identify whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears materially misstated. You are responsible for the preparation of the other information and where, based on the work we have performed, we conclude that there is a material misstatement in this other information, we are required to report this fact.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

3.3 Our work will be planned in advance and incorporated into an audit plan. This may be varied on the basis of our findings during the course of an audit from year to year. Accordingly, we may modify our audit scope, rotate our audit emphasis and propose matters of special audit emphasis, as circumstances dictate.

3.4 We shall obtain an understanding of the accounting and internal control systems in order to assess their adequacy as a basis for the preparation of the financial statements and to establish whether proper accounting records have been maintained by the charity. We shall expect to obtain such appropriate evidence as we consider sufficient to enable us to draw reasonable conclusions therefrom.

3.5 The nature and extent of our procedures will vary according to our assessment of the charity’s accounting system and, where we wish to place reliance on it, the internal control system, and may cover any aspect of the charity’s operations that we consider appropriate. Our audit is not designed to identify all significant weaknesses in the charity’s systems but, if such weaknesses come to our notice during the course of our audit which we think should be brought to your attention, we shall report them to you. Any such report may not be provided to third parties without our prior written consent. Such consent will be granted only on the basis that such reports are not prepared with the interests of anyone other than the charity in mind and that we accept no duty or responsibility to any other party as concerns the reports.

3.6 The information used by you in preparing the financial statements will invariably include facts or judgements which are not themselves recorded in the accounting records. As part of our normal audit procedures, we will ask you to provide written confirmation each year of such facts or judgments and any other oral representations that we have received from you during the course of the audit on matters having a material effect on the financial statements. In particular, where we bring misstatements in the financial statements to your attention that are not adjusted, we shall require written representation as to whether you believe the effects of the uncorrected misstatements are immaterial, individually and in aggregate, to the financial statements as a whole.

3.7 In order to assist us with the examination of your financial statements, we shall request sight of all documents or statements, including the Trustees' Annual Report, which are due to be issued with the financial statements.

3.8 In addition to the audit procedures described above, we may also use analytical tools in our work. To help with this we may ask you to extract data, provide backups or access to your accounting systems. Our planned approach on how we intend to use analytical tools and any data will be communicated to you.

3.9 The responsibility of safeguarding the assets of the charity and for the prevention and detection of fraud, error and noncompliance with laws and regulations rests with yourselves. However, we shall plan our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements or accounting records (including those resulting from fraud, error or non-compliance with laws and regulations), but our examination should not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance as may exist.

3.10 We shall not be treated as having notice, for the purposes of our audit responsibilities, of information provided to members of our firm other than those engaged on the audit (for example information provided in connection with accounting, taxation and other services).

3.11 In respect of the expected form and content of our report, we refer you to the most recent bulletin on auditor’s reports published by the Financial Reporting Council at www.frc.org.uk. The form and content of our report may need to be amended in the light of our findings.

3.12 Once we have issued our report we have no further direct responsibility in relation to the financial statements for that financial year. However, we expect that you will inform us of any material event occurring between the date of our report and that of the Annual General Meeting which may affect the financial statements.

3.13 We appreciate that the present size of your charity renders it uneconomic to create a system of internal control based on the segregation of duties for different functions within each area of the charity. In the running of your charity we understand that the trustees are closely involved with the control of the charity’s transactions. In planning and performing our audit work we shall take account of this supervision.

4 Communication

4.1 In order to promote effective two-way communication between us we set out below the expected form and timing of such communications.

We shall contact you by telephone 2 weeks prior to each year end for preliminary discussions concerning the audit. We will confirm in writing the matters discussed and any agreed action.
We will arrange a meeting to discuss the forthcoming audit, including an overview of the planned scope and timing of the audit prior to the expected start date. Again, we will confirm in writing the matters discussed and any agreed action.
We will arrange a meeting to discuss the significant findings from the audit within 2 weeks of completing the on-site work. Again, we will confirm in writing the matters discussed and any agreed action.

The formal communications set out above are the minimum required to comply with the ISAs (UK). We shall of course contact you on a more frequent and regular basis regarding both audit and other matters.

September 2023

Appendix 2 - Schedule of Professional Services: Accounting

The purpose of this schedule to our engagement letter is to set out the basis on which we are to compile the statutory financial statements and perform other accounting services.

1 Your responsibilities

1.1 Your responsibilities as trustees of The Foundation Charity of Bishop Vesey’s Grammar Shcool(the charity ]) are set out in appendix 1.

1.2 You have agreed that your staff will be responsible for:

keeping the record of receipts and payments;
reconciling the balances monthly with the bank statements;
keeping posted and balanced the accounting ledgers;
preparing a detailed list of ledger balances;

1.3 You have undertaken to make available to us, as and when required, all the charity's accounting records and related financial information, including minutes of management and Board meetings, necessary for the compilation of the accounts and you will make full disclosure to us of all relevant information.

2 Our responsibilities

2.1 You have asked us to help you compile the statutory financial statements in accordance with the requirements of the Charities Act 2011 and regulations made under it and with the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' 2015 (FRS102), and for preparing accounts for filing. We will compile the annual financial statements for your approval based on the accounting records maintained by you and the information and explanations given to us by you. In carrying out our engagement we will make enquiries of management and undertake any procedures that we judge appropriate.

2.2 During the course of completing our work, we will advise you on whether your accounting records are appropriate for the preparation of financial statements, in doing so we will also recommend any improvements we may come across.

2.3 We have a professional duty to compile financial statements that conform with generally accepted accounting principles from the accounting records and information and explanations given to us. Where we identify that the financial statements do not conform with the requirements of legislation or with the guidance issued by the Charity Commission or if the accounting policies adopted are not immediately apparent, this will need to be disclosed in the financial statements. We will not compile financial statements if the accounting principles, or the accounting policies selected by management, are inappropriate.

2.4 We have a professional duty not to allow our name to be associated with financial statements that we believe could be misleading. Therefore, should we, for any reason, believe the financial statements may be misleading, we will discuss the matter with you and agree appropriate adjustments or disclosures required. In situations where the proposed adjustments that we consider necessary are not made, and as a result the financial statements are misleading, we will withdraw from the engagement.

2.5 Our responsibilities as auditors are set out in appendix 1.

September 2023

APPENDIX 3 - TERMS OF BUSINESS

1 Applicable law

1.1 This engagement letter shall be governed by, and construed in accordance with, English law. The Courts of England shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning the engagement letter (including the firm’s terms of business) and any matter arising from it. Each party irrevocably waives any right it may have to object to an action being brought in those Courts, to claim that the action has been brought in an inconvenient forum, or to claim that those Courts do not have jurisdiction.
1.2 Persons who are not party to this agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act.
1.3 The advice we give you is for your sole use and is confidential to you and will not constitute advice for any third party to whom you may communicate it. We will accept no responsibility to third parties for any aspect of our professional services or work that is made available to them.

2 Quality of service

We aim to provide you with a fully satisfactory service and Adam Bexon as engagement partner will seek to ensure that this is so. If, however, you are unable to deal with any difficulty through him] and [his] team please contact another director. We undertake to look into any complaint carefully and promptly and to do all we can to explain the position to you. If we do not answer your complaint to your satisfaction you may of course take up the matter with the Institute of Chartered Accountants in England and Wales (ICAEW) by whom we are regulated.

3 Client monies

3.1 We may, from time to time, hold money on your behalf. Such money will be held in trust in a client bank account, which is segregated from the firm’s funds. The account will be operated, and all funds dealt with, in accordance with the Clients’ Money Regulations of the ICAEW.
3.2 In order to avoid an excessive amount of administration, interest will only be paid to you where the amount of interest that would be earned on the balances held on your behalf in any calendar year exceeds £25. Any such interest would be calculated using the prevailing rate applied by Natwest Bank Plc for small deposits subject to the minimum period of notice for withdrawals. Subject to any tax legislation, interest will be paid gross.
3.3 If the total sum of money held on your behalf exceeds £10,000 for a period of more than 30 days, or such sum is likely to be held for more than 30 days, then the money will be placed in a separate interest-bearing client bank account designated to you. All interest earned on such money will be paid to you. Subject to any tax legislation, interest will be paid gross.
3.4 We will return monies held on your behalf promptly as soon as there is no longer any reason to retain those funds. If any funds remain in our client account that are unclaimed and the client to which they relate has remained untraced for five years or we as a firm cease to practise then we may pay those monies to a registered charity.

4 Investment advice – exempt regulated activities

4.1 Although we are not authorised by the Financial Conduct Authority to conduct Investment Business, we are licensed by the ICAEW to provide certain limited investment services where these are complementary to, or arise out of, the professional services we are providing to you.
4.2 Such assistance may include the following:
advising you on investments generally, but not recommending a particular investment or type of investment;
referring you to a Permitted Third Party (PTP) (an independent firm authorised by the FCA) and assisting you and the authorised third party during the course of any advice given by that party. This may include comment on, or explanation of, the advice received (but we will not make alternative recommendations). The PTP will issue you with his own terms and conditions letter, will be remunerated separately for his services and will take full responsibility for compliance with the requirements of the Financial Services and Markets Act 2000. The firm may receive commission from such an introduction, in which case you will be fully informed of the expected size and nature of such commission at the time of the introduction.
advising on the sale of a contractually based investment other than disposing of any rights or interests which you may have as a member of a personal pension scheme;
advising and assisting you in transactions concerning shares or other securities not quoted on a recognised exchange;
managing investments or acting as trustee (or donee of a power of attorney) where decisions to invest are taken on the advice of an authorised person;
4.3 We may also, on the understanding that the shares or other securities of the company are not publicly traded:
advise the company, existing or prospective shareholders in relation to exercising rights, taking benefits or share options valuation and methods;
arrange any agreements in connection with the issue, sale or transfer of the company’s shares or other securities;
arrange for the issue of the new shares; and
act as the addressee to receive confirmation of acceptance of offer documents etc.

5 Fees

5.1 Our fees may depend not only on the time spent on your affairs by the partners and our staff and on the levels of skill and responsibility involved, but also the level of risk identified and any advice provided. Unless otherwise agreed, our fees will be billed at appropriate intervals during the course of the year and will be due on presentation.
5.2 We may indicate an indicative fee for the provision of specific services. We will not usually identify indicative fees for more than a year in advance as these may need to be revised in light of subsequent events. Where we estimate our fees for any specific work, this will not be binding unless this is clearly stated to you.
5.3 If it is necessary to carry out work outside the responsibilities outlined in this letter it will involve additional fees. Accordingly we would like to point out that it is in your interests to ensure that your records etc., are completed to the agreed stage.

Our fees will exclude out of pocket expenses. Out of pocket expenses (plus VAT (if applicable)) will be billed as incurred for reimbursement by you.

5.4 Invoices are payable in full before the report is signed and the accounts are made available for filing.
5.5 Clients may be requested to pay a proportion of their fee on a monthly standing order. These standing orders will be applied to fees arising from work agreed in this document of engagement for the current and ensuing years.
5.6 Our terms relating to payment of amounts invoiced and not covered by standing orders, where appropriate, are strictly 30 days net.
5.7 In the event that our fees are not paid by the company, the directors will be personally responsible for settlement of our fees.

6 Retention of and access to records

6.1 During the course of our work we will collect information from you and others acting on your behalf and will return any original documents to you following the engagement.
6.2 Whilst certain documents may legally belong to you, we intend to destroy correspondence and other papers that we store which are more than seven years old, other than documents which we consider to be of continuing significance. If you require retention of any document you must notify us of that fact in writing.

7 Client Identification

7.1 As with other professional services firms, we are required to identify our clients for the purposes of the UK anti-money laundering legislation. We may request from you, and retain, such information and documentation as we require for these purposes and/or make searches of appropriate databases. If we are not able to obtain satisfactory evidence of your identity, we will not be able to proceed with the engagement.

8 Electronic communication

8.1 Internet communications are capable of data corruption and therefore we do not accept any responsibility for changes made to such communications after their despatch. It may therefore be inappropriate to rely

on advice contained in an e-mail without obtaining written confirmation of it. We do not accept responsibility for any errors or problems that may arise through the use of internet communication and all risks connected with sending commercially sensitive information relating to your business are borne by you. If you do not agree to accept this risk, you should notify us in writing that e-mail is not an acceptable means of communication.

8.2 It is the responsibility of the recipient to carry out a virus check on any attachments received.

9 Data Protection

9.1 In this clause 9, the following definitions shall apply:

‘client personal data’ means any personal data provided to us by you, or on your behalf, for the purpose of providing our services to you, pursuant to our engagement letter with you;

‘data protection legislation’ means all applicable privacy and data protection legislation and regulations including PECR, the GDPR and any applicable national laws, regulations and secondary legislation in the UK relating to the processing of personal data and the privacy of electronic communications, as amended, replaced or updated from time to time;

‘controller’, ‘data subject’, ‘personal data’, and ‘process’ shall have the meanings given to them in the data protection legislation;

‘GDPR’ means the General Data Protection Regulation ((EU) 2016/679); and

‘PECR’ means the Privacy and Electronic Communications (EC Directive) Regulations 2003 (SI 2426/2003).

9.2 We shall each be considered an independent data controller in relation to the client personal data. Each of us will comply with all requirements and obligations applicable to us under the data protection legislation in respect of the client personal data.
9.3
You shall only disclose client personal data to us where:
(i) you have provided the necessary information to the relevant data subjects regarding its use (and you may use or refer to our privacy notice available at www.burrowsscarborough.co.uk/engagementterms/privacynotice for this purpose);
(ii) you have a lawful basis upon which to do so, which, in the absence of any other lawful basis, shall be the relevant data subject’s consent; and
(iii) you have complied with the necessary requirements under the data protection legislation to enable you to do so.
9.4 Should you require any further details regarding our treatment of personal data, please contact our data protection officer Adam Bexon.
9.5
We shall only process the client personal data:
(i) in order to provide our services to you and perform any other obligations in accordance with our engagement with you;
(ii) in order to comply with our legal or regulatory obligations; and
(iii) where it is necessary for the purposes of our legitimate interests and those interests are not overridden by the data subjects’ own privacy rights. Our privacy notice (available at www.burrows-scarborough.co.uk/engagementterms/privacynotice contains further details as to how we may process client personal data.
9.6 For the purpose of providing our services to you, pursuant to our engagement letter, we may disclose the client personal data to our regulatory bodies or other third parties (for example, our professional advisors or service providers). The third parties to whom we disclose such personal data may be located outside of the European Economic Area (EEA). We will only disclose client personal data to a third party (including a third party outside of the EEA) provided that the transfer is undertaken in compliance with the data protection legislation.
9.7 We shall maintain commercially reasonable and appropriate security measures, including administrative, physical and technical safeguards, to protect against unauthorised or unlawful processing of the client personal data and against accidental loss or destruction of, or damage to, the client personal data.

9.8 In respect of the client personal data, provided that we are legally permitted to do so, we shall promptly notify you in the event that:

(a) we receive a request, complaint or any adverse correspondence from or on behalf of a relevant data subject, to exercise their data subject rights under the data protection legislation or in respect of our processing of their personal data;
(b) we are served with an information, enforcement or assessment notice (or any similar notices), or receive any other material communication in respect of our processing of the client personal data from a supervisory authority as defined in the data protection legislation (for example in the UK, the Information Commissioner’s Officer); or
(c) we reasonably believe that there has been any incident which resulted in the accidental or unauthorised access to, or destruction, loss, unauthorised disclosure or alteration of, the client personal data.
9.9 Upon the reasonable request of the other, we shall each co-operate with the other and take such reasonable commercial steps or provide such information as is necessary to enable each of us to comply with the data protection legislation in respect of the services provided to you in accordance with our engagement letter with you in relation to those services.

10 Confidentiality

10.1 Unless we are authorised by you to disclose information on your behalf, we confirm that where you give us confidential information we shall at all times during and after this engagement keep it confidential, except as required by law, by our insurers or as provided for in regulatory, ethical, or other professional pronouncements or as part of an external peer review applicable to us or our engagement. This undertaking will apply during and after this engagement.
10.2 In addition, if we act for other clients whose interests are or may be adverse to yours, we will manage the conflict by implementing additional safeguards to preserve confidentiality. Safeguards may include measures such as separate teams, physical separation of teams, and separate arrangements for storage of and access to information.
10.3 You agree that the effective implementation of such steps or safeguards as described above will provide adequate measures to avoid any real risk of confidentiality being impaired.
10.4 We may, on occasions, subcontract work on your affairs to other tax or accounting professionals. The subcontractors will be bound by our client confidentiality terms.
10.5 We reserve the right, for the purpose of promotional activity, training or for other business purpose, to mention that you are a client. As stated above we will not disclose any confidential information.

11 External review

11.1 As part of our ongoing commitment to providing a quality service, our files are periodically reviewed by an independent regulatory or quality control body. These reviewers are highly experienced and professional people and, of course, are bound by the same rules for confidentiality as us.

12 Professional rules and practice guidelines

12.1 We will observe and act in accordance with the bye-laws, regulations and Code of Ethics of the ICAEW and accept instructions to act for you on this basis. In particular you give us the authority to correct errors made by HMRC where we become aware of them. We will not be liable for any loss, damage or cost arising from our compliance with statutory or regulatory obligations. You can see copies of these requirements in our offices. The requirements are also available on the internet at www.icaew.com/regulations. We confirm that we are Statutory Auditors eligible to conduct audits under the Companies Act 2006. When conducting audit work we are required to comply with the Ethical Standards for Auditors and the International Auditing Standards (UK & Ireland) which can be accessed on the internet at www.frc.org.uk/Our-Work/Codes-Standards/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Ethical-standards-for-auditors.aspx

13 Conflicts of interest

13.1 We reserve the right during our engagement with you to deliver services to other clients whose interests might compete with yours or are or may be adverse to yours, subject to our confidentiality clause. We confirm that we will notify you immediately should we become aware of any conflict of interest involving us and affecting the company.
13.2 If a conflict of interest should arise, either between two or more of our clients, or in the provision of multiple services to a single client, we will take such steps as are necessary to deal with the conflict. In resolving the conflict, we would be guided by our Code of Ethics which can be viewed on the internet at the address above, in part B, sub-section 220.

14 The Provision of Services Regulations 2009

14.1 Our professional indemnity insurer is Arch Insurance (UK) Ltd, 5[th] Floor, Plantation Place South, 60 Great Tower Street, London, EC3R 5AZ. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States or Canada.