Etslgn ID.. 84d42a52*b3a4d6￿b4dg5o385a393a5s Company registration number: 06612259 Charity registration number.. 526622 BULY GIuMMAlI SC14C)()I. THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED {A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2024 Horsfield & Smith Chartered Accountant5 & Registered Auditors Tower House 269 Walmersley Road Bury Lancashire 8L9 6NX E-slgn ID.. 84d42as2.6b3&4d6e-b4d￿503aSe3938S8 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 CONTENTS Reference and Administrative Detai15 Ito2 Governors Report 3to19 Statement of Governors, Responsibility 19 Independent Audwtors, Report 20to23 Statement of Financial Activities 24to25 Balance Sheet 26 Statement of Cash Flows 27 Notes to the Financial Statements 28to44 E-siw ID.. 84¢42852-6b384dSe-b4d￿So3aS039yèS8 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE DETAILS DIREcfoRS The Dirertors of the Company (who are Governors of the Schoo151 a5 at the date of signing thi5 report are Set out below: Mr R Smyth DrFDad Chair of Governors Mrs S Gauge Mr N Greenhalgh MrPLee +0 Mr T McDougall Ms S McNeill M5 N Smith Mr Rsmyth Mr G Yeung OBE *+@ Key.. Member of the Finance and Estates Committee Member of the Education Committee Member of the Governance. Nominations and Remuneration Committee Member of the External Relation5 Committee The Chair of Governors 15 an ex officio member of all Committees. Mr N Greenhalgh was appointed 35 director in the period and Mr M Edge, Dr S Hyde, Mr S Wild resigned during the period. Mr D Long resigned in February 2025. OFFICERS Prlncipal Mrs J Anderson Deputy Principal Mrs V Leaver Finance Dlrertor MrR Berry Mr R Berry was appointed I September 2023 and resigned on 31" December 2024. Ms K Ward was appointed as company Secretary on I" January 2025. E-SvJn ID". 84d42as24b3è4d6&b4d￿so3ass393as8 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE DETAILS COMPANYICHARITY ADDRESS Farraday House Bridge Road Bury Lancashire BL9 OHG AOVISERS Banker5 Barclays Bank PIC I Central Street The Rock Bury Lanca5hire BL9 OJN Auditor Horsfield & Smith Chartered Accountants & Registered Auditor5 Tower House 269 Walmersley Road Bury Lancashlre BL9 6NX Sollcitors Woodcocks Haworth & Nuttall 12 Manchester Road Bury L3ncashire BL9 ODX Harrison Clark Rickerbys Ellenborough House Wellington Street Cheltenham Gloucestershire GL50 IYD Investment advlsers James Sharp &Co The Exchange 5 8ank Street Bury Lancashire BL9 ODN Insurer5 Zurich Municipal Southwood Crescent Farnborough GU140NJ E-S￿n ID.. 84($42as24b3a4d68-b4d￿so3astr3938s8 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT The Governors have pleasure in presenting their Annual Report and Financial Statements for the year ended 31" August 2024. REFERENCE AND ADMINISTRATIVE INFORMATION Constitution Bury Grammar Schools Trustee Limited is limited by guarantee. registered under company number 06612259, and is regulated by its Memorandum and Articles of Association dated June 2008. The Bury GraTnmaT Schools Trustee Limited is registered with the Charities Commission (Charity number 5266221. The charitable company is established to provide and maintain the 8ury Grammar School for the provision of education foT children in accordance with the objectives and prlnciples for which the School was founded. Governors. Officers and Advisers The Governors and executive officers are listed on page l. The address of the Charity and particulars of its principal professional adviser5 are given on page 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Governan¢e of the Charlty Particulars of the current board of Governors of the School who are also the Directors of the torporate trustee are detailed on page l. Organisational management Governors are legally re5pon5ible for the overall management and control of the School and set the strategi£ direction of the School. Fijll Governors, meetings a￿ held at least once per term. Implementation of most of the Governors, policies is carried out by the Finance ènd Estates Cornmittee, the External Relations Committee and the Education Committee, which usually meet once per term, and the Governance, Nominations and Remuneration Committee which meets when required. All committees have terms of reference which Set out their purpose and role, membership and frequency of meetings, duties and responsibilities and reporting requirements. The day-to-day management of the School is delegated to the Executive comprised of the Principal, Deputy Principal and the Finance Director/Bur5ar. The Governors. delegated authorityto the Executive is set down in deta￿1 regarding expenditure and appointment of staff. E-sun ID.. 84(j42a52-6b3￿d6￿4d￿s03as83g3a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT Governance and Appolntmènt of Governors The role of the Governance, Nominations and Remuneration Commitlee 15 to review the School's governance, it5 effectiveness, and its compliance with all regulation5, to carry OLJt successitsn planning and recognised good practice. Included within thi5 remit are the maintenance of governance documentation, appointment of new Governor5 and to ensure that the member5 of the Board of Governors have appropriate knowledge, attitude, skills and experience to fulfil their duties and to agree the remuneration of Senior Leadership Team at the School. All new Governors are recruited by invitation, undergo an interview process and are selected depending on their skills and experience. A fLJII induction programme 15 offered to all new Governors including AGBIS tralning and guidance, an introduction to the workings of the Charity, organisational management, Charity regulation5, Independent Schools, Inspectorate regulations, safeguarding. finance, health & safety and the School's R￿sk Register. In addition, new Governors meet the Executive and key members of the Senior Leadership Team, where priority 15 given to the School's strategic vision, child protection and other key policies, have a tour of the estate and are invited to spend time in the School to obseNe the day-to-day working5. Additional training is given accordingly for any specific responsibilities allocated to a new Governor. Governors are given safeguarding training at least once per annum and are offered external and internal training course5 where appropriate throughout their Governorship. Training is monitored and recorded in the Governors, Training Register. SUBSIDIARY COMPANY A wholly owned subsidiary of the corporate trustee, Bury Grammar School Services Limited Icompany number 081500831, was incorporated on 19th July 2012. The company 15 dorrnant. OBJECTS, AIMS AND PRINCIPALACTIVITIES Objects & Principal Artivities The Company act5 as corporate trustee of the charity, Bury Grammar 5choo15, and of any other charity or company which is connected ancillary to the Bury Grammar Schools. The Governors have referred to the guidance contained in the Charity Commission's statement on public benefit when reviewing the Charity's aims and objectives and in planning for its future activities. Governors consider how planned activities will contribute to the aims and objectNe5. The object of the Charity is for the public benefit. to advance education by the provision and maintenance and support of 3 school for boys and girls, from ages 3 to 18 and provide ancillary educational activities and other associated activities for the benefit of the community. E-slon ID.. 84d42a52-6b384d68-b4d9-50385e393956 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT School's Ethos and Aims Ethos Bury Grammar School 15 a leading UK school and one of the oldest schoo15 in the country. We are a warm, welcoming, and forward-looking school which focuses on quality, tradition, and innovation. The school of first choice for pupils, parents, and staff in the area, we view Bury Grammar School's history with pride and its future with optimism. Aims Scholarship to challenge and inspire pupils to work hard, aim high. achieve, and celebrate academic success. Chara¢ter to nurture generosity of spirit, open-mindedness, confidence, resilience, a sense of Service and an unwavering commitment to equality. to encourage all pupi15 to participate in a wide range of extra-curricular activities, developing a lifelong love of learning. Partnerships to work harmoniously with others and seek to have a posltive impact on society. Enrichment STRATEGIC REPORT Governors. Strategic Focus to 2030 Following the 5ucces5ful implementation of the 2016-2020 strategic plan and the Governors launch of a new vision for the decade in 2020, the 2023-24 academic year continued to move forward with the 2020-30 strategic vision. The 2023-24 academic year maintained a focus on quality, tradition, and innovation in every area of School life. Governors intend to continue combining the best of new technologies and new approaches with the best of the established and traditional, 50 that Bury Grammar School remain5 a leading independent school with a strong reputation offering è high-quality all-round educètion, whilst maintaining a commitment to modernise the structure of Bury Grammar School, thereby preserving the tradition of quality and excellence. Key areas of focus were.. Academic Focus Pastoral care and routines in new departmental bases Staff development, training and welfare Policies and procedures Inclusion Prudent planning and superb communications E-sign ID." 84d42a524b3a4d6t-b4d9-503a5e393a5B THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT The Governors are aware that as time moves on, and attitude5 develop, the best schools evolve. The Governors believe that the investment in the new, modern Primary Division 5trengthen5 gur teaching as staff come together into one team and th3t pupi15 will thrive in their new vibrant environment. In addition, It provides equal opportunities for both boys and girls which encourages positive attitude5 towards gender at a formative age. This 15 COllSlStent with our approach to and focus on equality. Since September 2022 all Primary pupils are now housed in one area of the School's estate and benefit from many new facilities both indoors and outside. This has allowed us to change the building previously used by the Boys, juniors into a new Sixth Form base for teaching and learning. The Governors remain committed to single sex academic education for pupils aged 11 to 16. Pupils in our single sex Senior Schools have two separate pastoral teams who are well-placed to addre55 the needs of teenage boys and Eirls and the BGS curriculum has been identical for Senior girls and boys since 2018. Senior pupils can move about the site independently so already have access to all our teachers and resources. The Governor5, 5tfategic plan encompa55es all areas of School life. The 5trategi£ aims of the academic, pastoral and enrichment programmes will build upon our succe55es to date and will strive to provide the best provision for our pupils recognising that the time5 they live in are changing rapidly. We aim to SUPPOTt our pupils through these changes and equip them to be leaders and innovator5 of the future, boosted in confidence by the traditions and the background within which they have grown up at Bury Grammar School. Preparing our Students for the workplace of the future, instilling a sense of social responsibility and environmental awareness are also key strategic aims. Working alongside this will be strategies to ensure the School remains an important part of our local community and that we continue to provide bursary places. The Governors, approach to the introduction of VAT. announced following the change of Government at the July 2024 general election, wa5 to be open and transparent with its parent body. Although the implementation date was sooner than anticipated, 3 strategy wa5 deployed io ascertain the immediate and wider implication5 of the tax and what needed to take place to protect the Sthool, parent body and the BGS comrnunity as a whole. E-Sl9n 10.. 84d42852ffjb384d6eWd9-503a5e393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT REVIEW OF THE YEAR Summary The Governors are delighted to report that pupil number5 grew once again, for the fifth consecutive year. This growth is attributed to the excellent teaching and the modern approach to independent education, the school structure, and the impressive range of facilities which have all resonated with the local community. The School continues to support and invest in the talented Admissions and Marketing Team, and this, along with the recent operational change5, has allowed us to showcase the School at its best. All of the School's educational and business strategic objectives were fulfilled, and, i n a n umber of ca5e5, exceeded, narnely, to.. Continue to review and embed the aspirational ethos and routines across the School's three divisions.. Primary Division, Senior School and Sixth Form. Revise and update the detailed Faculty and Heads of Department training programmes and established intervention training and systems. Continue to develop Mental Health Strategy Develop our alumni links and sixth form asplrations Continue to enhance the extra-curricular programme, using SOCS to monitor and reward participation Maintain the Diamond Model policy regarding segregation in co-educational schools and 5UPPOrting policy procedures and communication Develop the work of the EDI Committee Move forward with the ongoing capital investment programme, coverlng three of the School's main sites. To enhance the estate through investment in classrooms, outdoor areas and the external areas of the Senior Boys, campus Financially the School remains stable. with strong retained cash balances and sufficient surplus to ensure that all pupils receive a quality education and that the Estate continues to benefit from preventative and reactive maintenance. The School has a financial strategy which should ensure longevity and financial stability into the future. Educational achievement at GCSE and A level was excellent and in addition there were a number of remarkable 5POrting achievements and other successes with teams from BGS reaching the national and regional fin31s in several competitions. E-sign ID.. 64d42852.6b384d6e-b411g503a5e392aSB THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT The investment in the School's Information Technology remains a high priority for the school with continued investment in infrastructure and software. We have continued the pupil and staff l.'I device programme, developing the full Microsoft suite acros5 all functions of the School and providing teaching staff with high quality IT provision. To streamline operations and tncrease efficiency, great strides have been made in automation with the roll out of Power Bl dashboards using Power Automate. These give all users real-time access to a wide range of data which informs planning and reduces duplication of tasks. These developments have been devised and implemented in-house and the team have benefitted from supporting a degree apprentice, studying Digital and Technology Solutions. Cyber security and the ever-present threat of a security breach continues to be a high priority, with a renewed focus on staff training around cyber and data security. The IT service5 team have continued to further strengthen our cyber posture through a serie5 of deployments to secure the network. A full security review is ongoing. The School had ambitious plans once again for the year 2023-24.. Developing new routines in the new departmental ba5e5 anil ensuring clear pupil and staff expectations Ad3Pting the staff development programme Implement our Staff Mental Health Strategy Introduce leadership training Reviewing the impart of the new behaviour policy Creating a Learning Hub Extend our extra-curricular programme and rewardlencourage participation Enhance the school wide understanding and profile of our bursary scheme Continue to review, budget, and manage the financial, political, and economic challenges that may lie ahead. Contlnve to refine and enhance successful marketing and admission strategie5 Ensure the BGS'points of difference,, in Primary, Seniors and Sixth Form are communicated to all stakeholders. Continue to invest in the school's IT infrastructure and estate. Admissions, Marketing and Communication The School continues to build upon its already strong reputation to attrart high achieving pupi15 in an extremely competitive environment, where parents are increasingly well informed. The Governors were once again delighted to see positive pupil number5 for this academic year. Our Open Day5 and events for prospective pupils have been well attended with record numbers coming through our door5 for the Primary Division, Senior Schools and Sixth Form. The top two reasons that families are choosing our school are the happy, friendly environment at Bury Grammar School and our excellent academic provision and inspirational teaching. E-sign ID.. 84d42B524b3a4d6e-b4dg503858393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT The Marketing Team use the webstte, social media, and other digital platform5 to communicate marketing mes5age5 and the Admissions Team invest time in building strong relationships with prospective familie5, offering a bespoke seNice to each farnily. Communication with current parent5 is always a key part of our strategy and much time and effort is spent keeping parents informed. Focus is given to ensure excellent communicatSon wlth our current families, being mindful that they have a natural role as ambassadors for the School. In a similar way. so do the teachers in school and training sessions are offered to all staff involved in Admi55ions events so every member of the team is well informed and ready to play a crucial role in Admissions. The School has a long-standing commitment to take the issue of affordability very seriouslv and endeavours to keep fees reasonable, and this is particularly relevant in the current political and economic environment. Affordable fees combined with the outstanding facilities and educational and pastoral provislon, results in Bury Grammar School being one of the best value independent schoo15 in the area. What sets Bury Grammar School apart? Small class sizes, the highest academic standards, personal pastoral care, equal opportunities for all and our unique atmosphere. Capital Investment The Governors are responsible for allocating the correct level of investment in the facilities to ensure that the School's estate remain5 in good working order and that plans for new investments are carefully considered and scrutinised. Maintenance of the Estate: The School has è five-year rolling plan of major repairs, with increased funding to facilitate this plan being built into all financial forecasts, to ensure that the pupi15 and staff benefit from the highest quality teèchFng and learning facilitie5. Additional funding was allocated during 2023-24 to facilitate the treatment and reinstatement of classrooms and science labs affected by the dry rot identified on the girls, senior site. rade of Facilities.. The School has demonstrated its commitment to capital investment and upgrade in facilities over recenl years, to provide the best educational setting for our pupils. Between 2016 and 2024 there was significant investment, supported by the gener051ty of the School donors including new 3G and MUGA playing surfaces, a danee studio and fitness gym and the refurbishment of two sports halls. changing rooms and swimming pool facilities. The school has also continued to upgrade classrooms. teaching facilities, canteens, and toilets across the campus over the past five years and plan5 to continue to invest in these areas. In 2023-24 the school embarked on further capital investment to the schools, with a £300K investment into the school's infrastructure, as the second phase of a £5m investment programme to ensure the estate is fit for purpose. This investment covered all School sites. The single highest investment was the £200k kitchen on the primary site alonE Wlth tables and chairs for this new arrangement. Other notable work included a new outdoor space for senior pupils on the gir15' side that included a series of canopies and hard standing, along with benches. E-sign ID.. B4d428524b3a4d6è-b4d9-503a58393858 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT The rose garden on the Senior Boys, side was resurfaced to replace broken and damaged flagstones. More windows around the site were replaced with double glazing units and further areas of the school's classrooms were fully refurbished. The 3G pitch floodlights were replaced with LED lights alongside a rnore energy efficient air handling unit that services the Boys LRC. The investment made in modernising and repairing the variou5 School sites has made a huge impact. with the external view now reflective of the excellent learning environment within the school and will also safeguard the longevity of the building. Educational Attainment The GCSE re5uIt5 achieved by BGS pupils were excellent once again, with 13.4% of grades at Grade 9, 30.2% of grades at grades 8 to 9, and 95.8% of grade5 at grades 4 to 9. The overall statistics at A Level were also impressive, with 15.4% of grades achieving the top A. 74.2% of grades achieving A. to B, and an overall pass rate of lOO%. The majority178.4%1 of A Level pupils obtained a place on their 1st or 2nd cholce course at university, almost half144.6%1 of which were at prestigious Russell Group univers1t￿e5. The 'value added, achieved by pupils was outstanding.. the Centre for Evaluation and Monitoring data ICEMI had suggested that 4.4% of grades would be at 8 and 9 at GCSE. while the total achieved by BGS pupils was way beyond that, at 30.2%. Data from CEM had also indicated that 0.4% of grade5 at A Level would be A. when the reality also far exceeded that at 15.4%. Much credit must go to strong academic and pastoral team5 and talented and hardworking pupils. As two of the year group5 in School most impacted by Covid absences, the Governors heartily congratulate all our pupils, teacher5 and PaTents who worked together to ensure high quality teaching and learning continued. Public Benefit, Partnerships and Community Outreach, Charity. and Volunteering The Governors confirm that they have complied with the duty under 5ertion 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the school. The School is a community in itself, but recognises that It has responsibilitie5 beyond its gate5 to the wider local community. IncreasinE the School's 50cietal impact is a key strategy for this decade. As well as achieving the objectives in respect of providing a first-class education for all pupils, the School also endeavours to provide public benefit. io E-SvJn ID.. 84L142852-6b384d6e-b4d9.50385e393258 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT Public Benefit Encouraging pupils to attend irrespective of their parents, abillty to pay fees. This ethos is central to our foundels aims for the School and the Governors ensure that thi5 rernains of paramount importance in the running of the School in current time5. The School operates a mean5 tested bursary scheme for pvpils entering at Year 7 and at Year 12 and currently l in 8 pupils, 12% of our senior School pupils, receive bursary a5SlStance (we do not offer bur5arie5 to infant or junior pupilsl. Currently just under half143%1 of all our bursaries are lOO% bursaries and the average bursary given is life charigin& being approximately 75% of the fees. The bursary funding given to pupils, both directly by the School and indirectly via donated funds raised by the School. in the year to 31 August 2024 was £lm. The School promotes the bLtrsary scheme through Open Day events, the web55te and specif5 marketing materials. The bursary application has moved onto a purp05e-built online portal, all information regarding the process is available on our webslte and the portal. In addition. how our bursary process work5 is explained at Open Events and School staff offer help to support parents in this application. Bursaries are provided by a combination of the School'5 income (currently 4.25% of income is Set aside for bursarie51 and the Development Office are employed to raise funds for bursaries and capital project5 to improve the School's Estate. The Development Office continue to raise funds from trusts. companies, and individual donors. The School is grateful to those organi5ations and individuals who have supported the School's fund-raising campaigns. The Governor5 consider that it is e55ential that as many children as p055ible. who reach the School'5 academlc criteria, can attend the School, even though their parents cannot afford the fees. All allocated bur5arie5 are carefully means tested every year of the pupil'5 education at the School to ensure our bursary funds reach those who are in most financial need. Partnerships and Community Outreach The School recognises that it is one of the oldest institutions in Bury lover 450 years oldl, located in the heart of the town. It therefore takes its unique p051tion seriously in ensuring that it 15 at the centre of community initiatives and outreach for the betterment of the town. These activitie5 include partnerships with local schools and charities, sharing the school's facilitie5 and the pupils and staff participation in Volunteering and outreach programmes. We recognise the importance of working with our colleague5 in the rnaintained sector and have continued to develop our partnership work, resultin8 in professional growth and learning between colleagues in a number of local educational establishments. li E-sign ID.. 84d42a52ffjb384d6e-b4d9-503¥5e393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT The School's sports facilities are offered to local community clubs on a not-for-profit basi5 and are hugely popular, acros5 a wide-ranging number of sports. The facilities are fully booked during peak time5. and we a150 engage with holiday activity clubs. meaning that thousands of children from the Igcal area are able to benefit from our facilitie5. 'This Kid Can,, an initiative with St Paul's Church of England Primary School in Bury, has the clear aim of raising aspirations among their pupils whilst allowing our pupils the opportunity to teach and be actively involved in SUPPDrting their development. A truly mutual beneficial partnership which is now well established, the School meets the transport costs of brinEing pupils from St Paul's onto our campus and eng3ge5 them in a variety of fun and educational experience5. In addition, we have.. formed partnerships with local primary 5choo15 to promote STEM within the primary environment. Initially planned solely for gir15, the partnerships now involves both Year 6 boys and girls and are supported by teaching staff and members of the 8ury Grammar Sixth Form. hosted and supported the local Panathlon initiative. Pupils with SEND from local prirrary and secondary schools attend regular sporting competitions at Bury Grammar School which are led by sports leaders from the Senior School and Sixth Form. invited pupils fmm local primary s£hoo15 to the opening performance of the annual musical production. Each year in December, the School performs a musical which in recent years has included Matilda, Addam5 Family and Charlie and the Chocolate Factory. implemented a volunteering scheme in the 6th form which student5 volunteer weekly in a range of organisations includinE charities, schools, care homes, h05Pltals offered a range of educational activities on a Saturday morning free of charge to children who do not attend the school. Worked with and supported other school-based cadet contingents to develop knowledge and training for the benefit of cadets in all schools. continued to offer ou¥ sports facilities to local clubs on a not-for-profit basi5. The facilities are fully booked at peak tirne5 UP to 6 months in advance and bring upwards of 1000 children per week from the local community on site. invited pupils and teachers from local high schools to the super-curriculum and career5 lertures held in school. These sometimes include high-profile local political figures such as the parliamentary candidates in the 2018 election, the Speaker of the House of Common5 in 2021 and the Mayor Df Greater Manchester in 2024 maintained a close working relationship with the Royal Regiment of Fusiliers and their Regimental Museum - the Fusiliers Museum. Cadets from the Combined Cadet Force have supported the Remembrance Day Parades in Bury and Tottington. 12 E-srgn ID". 84(J42a524b384d6a-b4d9-503aS6393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT Volunteering and Charity We recogni5e that charitable giving brlnEs attention to the most serious issues and fosters a sense of community and purpose for our staff and pupils who want to help those around them. We help build 3 foundation of charitable giving showing our pupi15 that their actions, no matter how small, can make a real difference. We allow our pupils of all ages to choose the charities that matter to them because they are more likely to support a cause that they know about and identify with. We also encourage voluntary work, teaching pupi15 that time given to charities can be just as powerful as cash donations. Some of the volunteering projects we have worked on this year include= The School h2s gained the prestigiou5 Green Flag Eco School Award with Di5tlnction and the Eco-committee is working in partnership with the local East Lancashire Railway on sustainability projects. Our World Challenge Long Haul Expedition visited Nepal in summer 2024 - Over the course of 4 weeks. 18 Students from Years 11, 12 and 13 undertook activities to gain a greater understanding of responsible tourism. During their expedition students participated in two different home stays,. sharing with local families Stories and experiences of British and Nepali culture. Students made a significant contribution to the building of facilities at a women's commuriity group. Alongside this we undertook two multiday treks, supporting Nepalese tourism and experiencing the awe of the Annapurna Flange in the Himalayas. 2023124 saw the continued success of our Duke of Edinburgh's Award section. 77 Bronze, 68 Silver and 30 Gold participant5 worked towards their awards this academic year. With BGS staff supported by outdoorspeci31ists from a local company these participants enjoyed camping and trekking experiences alongside thelr volunteering, physical and skills disciplines. In May, three Gold Awardees from Bury Grammar School, received recognition for their achievements by èttending the presentation Celebrations held at Buckingham Palace Gardens in the presence of Prince Edward. Our Sixth Form students regularly volunteer at a number of charities in the local area. The School has formal partnerships Wlth the Bury Blind society and Bury Hospice which See pupils either working as volunteers or raising money for both organisations. The school runs a wealth of regular fundraising events every year to help local and national causes. During 2023/24 some of the activitie5 included: Pupils from the School donated over 250 pairs of shoes to the Sal's Shoes charity, which ensures that children around the world have the footwear they need. Our Reverse Advent appeal saw every form group from Kindergarten to Year 13, fill bags and boxes with food donation5 throughout December. These were then delivered to Porch Boxe5, 3 local food bank, helping those in need in the local community. We also collected food in lieu of a financial donation for a non-uniform dav. The School h35 raised thousands of pounds through collections on non-uniform days that have been donated to the followinE charities Water Aid. Refugee Action, Francis House, Pet5 in need. Porch Boxes, Manchester Children's Hospltal and Sal's Shoes. 13 E-sign ID." 84d42a52-6b3&4d68-b4d9-50385&393858 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT The School runs a charitable inltiative for pupi15- the Tenner Challenge- in which pupils in both the primary and senior schoo55 are challenged to raise as much money a5 they can starting with an initial £10 donation. As part of this the students lead stalls at both Primary and Senior Market events where they sell to their peers. All monies were sent to the local, national and international charities nominated by the pupils. We held both Christmas markets and Motherf5 Day markets The Primary Pupils had a Coin Line competition - donating small change to their class collection to see which class could treate the longest line Year 7 Pupils raise money annually for Bury Hospice through their Heartbeat Bury day. This year, the pupils raised nearly £3000. SustainabTIIty Strategy Sustainability will be a key strategy for Bury Grammar School durlng this decade. We believe in making informed decisions and taking responsibility for the impact of our actions on current and future generations and as such we have pledged to incorporate sustainability into every aspect of School life. We are not new to this way of thinking.. our eco focu5 and initiatives were awarded with the Independent Schools of the Year Green Award for Environmental Achievement in 2019. the prestigiou5 Eco Schools Green Flag Award in 2020 and the Eco Schools Green Flag award with Distinction Award in 2022. 2023 and 2024. The estates rllalntenance plans are also designed with 5U5tainability in mind, to reduce our carbon footprint and identify energy saving efficiencie5. In 2023-24 the school embarked on a number of joint initiates with The University of Salford, the local authority, and a 5U5tain3bility consultant to identify and develop future sustainable options and inform our sustainability Strategy ènd actions. Our sustainability Strategy 2022-2030 5etS Out three aims.. Pupils.. to incorporate sustainability throughout our edLJCation programme Operations.. to improve environmental performance Culture & Community.. to continue to develop our partnership5 and community programme. Through our strategy, we will ensure that sustainability is woven into our curriculum and enrichment opportunities, the very fabric of our estate and our culture at BGS. 14 E-S￿n 10.. 84d42a52.6b3a4d6p-b4d9-503a5e393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT FINANCIAL REVIEW AND RESULTS FOR THE YEAR Financial Activitie5 2023124 The Governors monitor and manage the School's financial performance carefully to ensure thai the School is financially stable and that it can pursue its educational aims and objectives for many years to come. The Governor5 recognise the importance of strong financial control and have in place robust financial projections that ensure the School remain5 financially Stable into the future. The Governors are pleased with the School's financial performance in the year to 31 August 2024 and believe the finances strike the correct balance between providing the best all-around educational opportunities to current pupils and maintaining the School's overall solid financial foundation to safeguard the School for future generations. In 2023124 fee and ancillary income increased by £1.8m111.4%1 driven in the main by an increase in pupil numbers and a 5% fee increment on overall school fees. The fee increase remained higher than normal leve15 due to the high inflationary increase5 during 2023. Investment Income decreased by £34k 115%1 due to flurtuations in investment returns during the period. Overheads continue to be tightly controlled and increased by £1.9m112%1 in the year. This was in1Sne with budget and expected. Teachers, Pension5 contributions increased from 23.68% to 28.68% in April 2024 representing an additional £120k of the increased overhead5 for the period. In addition, School transferred £IOOk of surplus into the School's bursary resenje fund which is consistent with the School's strategy to bolster the number of bursary places we can offer. The overall Surplus for the year was £0.47m and it is the Governors, opinion that this level of surplus is the correct balance between maintaining financial stability now and in the future and reinvesting in the all-roLtnd education of the current pupils. Cash and working capital are always managed carefully, there was a net cash increase in the year of £2.8m due to the fees paid in advance for the 2024125 academic year. There was no requirement for bank loans or overdraft facilitie5. Fundraising Performance and Regulatory Compliance The Governor5 had fully expected, and planned for, a reductlon in fundraising this year. However. the school still raised £O.Sm for bursaries in the year and the Governors would like to thank those Trusts, individuals, current and past pupils and teaching staff and the local business community who coritributed to this success. The School supports the work of the Fundraising Regulator, and all fundraising activity complies with the recognised standards of fundraising (set out in the Code of Fundraising Practicel a5 well as those required under Charity law and wider lèw. 15 E-srgn ID.. 84d42a52-6b3a4d6e-b4dg-503a5e393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT The School does not employ the services of any third parties, professional fund-raiser or commercial participator to raise fund5 for the School and does not raise funds from the general public, only from the School's community, those linked in some way to the School and recognised Trusts. The School received no complaints about fund raising in the year. Investments The School has a range of designated. restricted and unrestricted funds held in deposits and investments. The School uses income on investments mainly to fund bursaries. The Governors and the School's investment advisors manage the portfolio of investments to ensure they comply with the aims of the School's Investment Policy. The Total Return Order will ensure that there are sufficient funds available to provide bursary a551Stance for pupils when it is required. Total Return Order The value of permènent endowment in respect of investment5 is deerned to be £362,500 as at 1st September 2012. At this time the Directors do not intend to apply any sums from the unapplied total return a5 at August 2024. However, the implernentation of the Total Return Order may be required at some stage in the future in order that bursaries can continue to be offered. Reserves Reserve5 Note5 23 and 24 to the accounts Show the assets and liabilities attributable to the variou5 funds by type. The Schools, unrestricted funds stand at £15m at the ye3r-end up from £14.6m at the start of the year, of this £14.2m 1£13.5m in 2022/231 are funds deployed on the Schools, buildings and other fixed 35sets. Day to day working capital is provided by careful management of the Schools, cash resources including fee debt. Governors monitor the level of reserves and cash and have targets to build up reserves and cash out of operating surpluse5 to a level that meets the needs of the Schools at the time. whether this is for capital expenditure to provide up to date facilities, or for working capital. Valuation of Buildings Under FR5102 section 17, Property, Plant and Equipment, it is recommended that the Governor5 State tangible fixed assets at a fair value. After due consideration, the Governors have decided to continue with their previou5 policy and show the value of building5 at historical cost, rather than at a re-valued amount. 16 E-SvJn ID." 84d428s2-ob3Ad6￿b4dg-s038se8g3￿Se THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT FUTURE OUTLOOK The Independent Schools Sector a5 a whole has faced a number of challenges in recent years, not least post Covid, with high inflation, pay award increases and rising costs of pension schemes and falling pupil enrolrnent. During this period Bury Grammar School ha5 continued to thrive with increases in pupil roll, strong management and restructuring changes enabling the higher costs to be absorbed and the investment in facilities to be continued and a healthy financial position maintained. The Governors are pleased that the same trend will continue into the immediate future with stable pupil numbers expected in 2024125, providing the School with a solid foundation to withstand and adapt to future challenges. Even in these difficult times the school has continued to thrive, but the Governors and Executive are not complacent and fully aware of these difficult conditions and equally conscious that there are likely to be further, more significant challenges ahead,. with the irnplementation of VAT on fees which we would expect to impart pupil numbers. Furthermore. the potential loss of business rates relief and Teachers Pension scheme increases add a further financial burden to the school. The bringing together of the Schools over recent years has led to an efficient teaching and business model that 15 nimble and can react quickly to changes when nece55ary. The School has, and will continue to, Control current finances and forecast future finances very carefully, and will Continue to live within its means. A great deal on scenario planning has taken place to ensure financial sustainability ahead of potential changes to policy pertainlng to the sector. The finances remain strong and robust, and the School remains committed to offering excellent value for money in the context of the wider Independent Sector. As well as the implementation of VAT expected during the 2024-25 academit year, our financial projections also include how the School will deal with other external pressures such as inflation, Teachers PensSon Scheme increments and the1055 of rates relief. Our confidence in our Offering a5 a school was reinforced during an Independent Schools Inspectorate IISII review during Decernber 2023, the outcomes of which were published in February 2024. We are proud to announce that our school excelled in all area5, solidifying our reputation as a leading educationa5 establishment in the region. The School met all the Standards in every area. for.. l. Leadership, management and governance 2. Quèlity of education, training and recreation 3. Pupil's physical and mental health and emotional wellbeing 4. Pupils, social and economic education and contribution to society 5. Safeguarding 17 E.Sign ID.. 84d42a52-6b3a4d6e-b4d9-503aSp393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 GOVERNORS REPORT The Governors remain committed. driven by our mora1 purpose to deliver an education to 311 our pupils, now and in the future. We are aware that we must continue to support our pupils, parents and staff and manage the School's finances carefully and are confident that by doing 50, we will ensure the longevity of the School, and provide an excellent education well into the future. RISK MANAGEMENT The Governors have examined the principal aims of the School's operations and considered the major risks faced in each of these areas. In the opinion of the Governor5, the Charity has appropriate Sy5tem5 in place which allow these risks (where it IS Possible to do 501 to be mitigated to an acceptable level in its day to day operations. The key controls used by the Charity include.. Formal agend35 for all Committee and Board artivity Regular review of the School's Risk Register and monitoring of relevant actions to reduce the risks CorTiprehensive strategic planning, budgeting. and management accounting Established organisational structure and lines of reporting Vetting procedures for the protection of children and adherence to Bll ISI safeguarding regulations DISCLOSURE OF INFORMATION TO THE AUDITOR Each member has taken steps that they ought to have taken a5 a member in order to make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. The Governors confirm that there is no relevant information that they know of and which they know the auditor is unaware of. The annual report was approved by the governors of the charity on behalf by.. 2710512025 and signed on its R Smyth J2&J Mr R Smyth Chair of Governors 18 E-sign ID. 84d429s2*b3￿￿6e-bAd￿S032Se393ase THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED YEAR ENDED 31 AUGUST 2024 STATEMENT OF GOVERNORS, RESPONSIBILITY The governors (who are also the direttors of The Bury Grammar Schools Trustee Limited for the purposes of company lawl ère responsible for preparing the Governors report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PrartlEel and applicable law and regulations. Company law requires the governors to prepare financial statements for each financial year. Under company law the governor5 must not approve the financial statement5 unless they are satisfled that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statement5, the governors are required to: select 5Ultable accounting policie5 and apply them con515tently,' observe the methods and principle5 in the Charities SORP,. make judgements and estimates that are reasonable anil prudent,. State whether applicable UK Accounting Standard5 have been followed. subject to any material departures disclosed and explained in the financial statements- and prepare the financial 5tatement5 on the going concern basis unle55 It 15 inappropriate to presume that the charitable company will continue in business. The governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any tI￿e the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's webslte. Legislatlon in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the governors of the charlty on R Smyth 2710512025 and signed on its behalf by: Mr Rsmyth Chair of Governors 19 E-SvJn ID". 84d42a524b384d6e-b4d9-503a5e393858 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED Opinion We have audited the fi.nancial statements of The Bury Grammar Schools Trustee Limited (the 'charity'l for the year ended 31 August 2024, whith comprise the Statement of Flnèncial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements. including a sltmmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charthes SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fairview of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, 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 Companles Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor respDnsibilitie5 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 statement5 in the UK, including the FRCS 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 governors use of the going concern basis of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conilitions that, individually or collectively, may cast signiticant doubl on the charity's ability to continue a5 a going concern for a period of at least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report. Other information The governors are responsible for the other information. The other information comprises the information included in the annual report, otherthan the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explieitly stated in our report. we do not express any form of assurance conclusion thereon. 20 E-sign ID.. 84d42a52-6b3a4d6è-b4d&s038￿3938sB INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED In connection with our aud¢t of ihe 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 obtaine(J in the audit or otherwise appears to be materially misstated. If we identify such material inconsi5tencie5 or apparent material rnis5tatements, we are required to determine whether there is a material misstatement in the financial statements or material misstatement of the other information. 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 reEard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the 3udit'. the information given in the Governors Report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Governors Report has been prepared in accordance with applicable legal requirements. Matters on which wè are required to report by exception In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Governor5 Report. We have nothingto report in respect of the following matters where the CompanSes Act 2006 requires L15 to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by u5; or the financial statement5 are not in agreement with the accounting records and return5,' or certain disclosures of governors remuneration specthed by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of governors As explained more fully in the Statement of governor5, responsibilities (set out on page 191, the Eovernors are responsible for the preparation of the financial statements and for being Satisfied that they give 3 true and fair view, and for such internal Control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or ermr. In preparing the financial statements, the governors are responsible for assessing the charity'5 abilrty to continue as a going concern. disclosing. a5 applicable, matters related to going concern and using the going concern bas15 of accounting unless the governors either intend to liquidate the charity oy to cease operations, or have no realistic alternative but to do 50. 21 E-sign ID.. 84d42as2-Gb3￿d6e-b4d￿503ase39385s INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonabSe assurance about whether the financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorf5 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 IUKI will always detert 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 reasonabty be expected to influence the econornic deci5ion5 Qf users taken on the basis of these financial statements. The extent to which our procedures are Capable of detecting irregularitie5. including fraud Our approach to identifying and assessing the rlsk5 of material misstatement in re5pert of irregularitie5, including fraud and non-compliance with laws and regulation5, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial Statements or the operations of the company,. and we assessed the extent of compliance with the laws and regulations through making enquiries of management. We assessed the susceptibility of the schoo15' financial statements to material mi5Statement, including obtaining an understanding of how fraud may occur, by= making enquiries of management a5 to where they considered there wa5 SU5ceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considered the internal controls in place to mitigate risks of fraud and non-compliance with law5 and regulations. To address the risk of fraud through management bias and override of contro15, we.. performed analytical procedures to identify any unusual or unexpected relationships,- tested journal entries to idents.fy unusual transactions. In response to risk of irregularitie5 and non-compliance with law5 and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosu￿$ to underlying supporting documentation,. reading the minutes of those charged with govern3nce- and enquiring of management as to actual and potential litigation and claims. Because of the inherent limitations of an audit, there 15 a risk that we will not detect all irregularities, including those leading to a material mis51atement in the financial statement5 or non-compliance with regulation. This risk increa5e5 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 likelyto betome aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involve5 Illtentional concealment, forgery, collusion, omission or misrepresentation. 22 E-slgn ID.. 84d428s2*b8￿d6E-b4d￿5o3a5e393aSB INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporhng Council's website at- www.frc.org.uVouditors/ouditor5-a55urunce/oudltors-responsibilitie5-for-the-oudit-of-the-financiol-stotements This description forms part of our auditor's report. Use of our report This report 15 made solely to the charitable company's governors, as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might state to the charity'5 governors those matters we are required to state to thern in an aL*ditor's 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 charitable tompany and its governors as a body, for our audit work, for this report, or for the opinions we have formed Peter G Nicol BSC FCA15enior Statutory Auditor) For and on behalf of Horsfield & Smith, Statutory Auditof Tower House 269 Walmersley Road Bury Lancashire BL9 6NX Date.. 23 E-slgn ID.. 84d42a52-6b384d68-b4d9-503ak393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2024 (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES) Endowment Restricted funds funds Pemianent £000 £000 Unrestrlcted funds Designated General £000 £000 Total 2024 £000 Note Income and Endowments from.. Donations and legacies 2 Charitable activities 564 564 17,633 76 17,633 197 Investment income 17 73 30 Total Income 17 17,709 637 30 18,393 Expenditure on: Raising funds Charitable activities 12201 117,7791 12201 117,7861 iii Total Expenditure Gain5/losses on investment a5set5 117.9991 161 iii 118,0061 20 22 45 87 Net incomellexpenditurel Transfers between fund5 37 12901 653 74 474 31 607 16101 1271 Net movement in funds 68 316 43 47 474 Reconciliation of funds Total funds brought forward 732 13,869 4,711 661 19,973 Total fund5 carried forward 23 800 14,185 4,754 708 20,447 All of the charity'5 activities derive from continuing operations during the above period. The funds breakdown for 2024 is shown in note 22. The notes on pages 28 to 45 form an integral part of these financial statements 24 E-sign ID.. 84d42a52-6b3a4d6è4>4d9-503a5e39385 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2024 (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES) Endowment Restricted funds funds Permanent £000 £000 Unrestricted funds Designated General £000 Total 2023 £000 Note Income and Endowments Irom: Donations and legacies 2 Charitable activities 347 347 15,930 136 15,930 231 Investment income 16 48 31 Total Income 16 16,065 395 31 16.507 Expenditure on.. Raising fund5 Charitable activitie5 11141 115,9401 11141 115,941 Total Expenditure Gains/losses on investment assets 116,0541 116,0551 1201 131 1151 1381 Net lexpenditurellincome Transfers between funds 151 li 391 16 414 91 431 14931 1281 Net movement in funds 86 442 11021 1131 414 Reconciliation of funds Total funds brought forward 646 13,427 4,813 674 19,559 Total fund5 carried forward 23 732 13,869 4,711 661 19,973 All of the charity's activities derive from continuin8 operation5 during the above period. The funds breakdown for 2023 is shown in note 22. The note5 on pages 28 to 45 form an integral part of these financial statements 25 E-sign 10. 84d42a52-6b384d6e-b4dg-SD3a5tr393è58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED BALANCE SHEET AS AT 31 AUGUST 2024 (REGISTRATION NUMBER: 06612259) 2024 £000 2023 £000 Note Fixed assets Tangible assets Investments 12 16,840 1,297 18,137 16,177 1,250 17,427 13 Current assets Stocks 14 16 23 Debtors Investments 15 947 658 16 1,624 6,456 9,042 1,549 3,700 5,931 Cash at bank and in hand 17 Creditors: Amounts falling due within one year 18 15,5711 12,4551 Net current assets 3,471 3,476 Total assets less current liabilities 21,608 20,903 Creditors: Amounts falling due after more than one year 19 11,1581 19181 Provlslons 22 141 1121 Net assets 20.447 19,973 Funds of the charity: Endowment funds 708 661 Restrirted income funds Restricted funds 4,754 4,711 Unrestricted income funds Unrestricted funds 14,985 14,601 Total funds 23 20,447 19,973 The financial statements on pages 24 to 45 were approved by the governors, and authorised for issue on ..?.?I.Q.512025.... and signed on their behalf by.. Rstyh MrRSmyth Chair of Governors The notes on pages 28 to 45 form an integral part of these financial statements 26 E-SwJn ID.. 84d42a524b384d6e-b4(19-50385e393958 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2024 2024 £000 2023 £￿0 Note Cash flows from operating activities Net cash income 474 414 Adju5tmentS to cash flows from non-cash items Depreciation Investment income 307 262 11971 12311 Financial instrument net Igainsl10s5es through statement of tinanclal activities 1861 498 38 483 Working taprtal adjustments Decrease/lincrea5el in Stocks Increase in debtors Increa5e/ldecreasel in creditors Retirement benetit obligation 14 181 11141 12121 81 15 12891 3,385 181 18 Net cash flow5 from operating activities 3,595 141 Cash flows from investing art6vities Interest receivable and similar income Purchase of tangible fixed assets Sale of investments 197 231 11,5601 12 19711 40 Short term investments 1741 1391 Net cash flows from investing activities 18091 11,3691 Cash flo￿ from financing activities Repayment of loans and borrowings 18 1301 1301 Net increaselldecreasel in cash and cash equivalents 2,756 11,2581 Cash and cash equNalents at I September 3,700 4,959 Cash and cash equivalents at 31 August 6.456 3,700 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 28 to 45 form an integral part of these financial statements 27 E-Sl9n10. 84d42852-603&4d6e-b4d9-503a5e393858 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 l Accounting poli¢les Summary of Significant accounting poll¢ies and key accounting estimates The principal accounting policies applied in the preparation of these linancial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise Stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting bv Charities.. Statement of Recommended Practice lapplicable to charities preparinE their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 20191- (Charitie5 SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companie5 Act 2006. Basis of preparation The Bury Grammar Schools Trustee Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost ortransaction value unless otherwise stated in the relevant accounting policy notes. Golng concern The governors consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Group account5 not prepared Consolidated accounts have not been prepared incorporating the wholly owned subsidiary Bury Grammar Schools Services Limited on the basis that the company 15 immatertal. Its exclusion is not material for the purposes of providing a true and fair view. Income and endowments All income is recognised in the statement of financial activities when the condition5 for receipt have been met and there is reasonable assurance of receipt. Credit 15 taken for tuition fees relating to the school year, which is the same as the financial year. Investment income is accounted for when receivable. Donation5 and all other receipts from fundraising are reported gross and related costs are reporterl under fundraising activttres. Grants recetvable Grants, including grants for the purchase of fixed assets and special projects, are recognised in full In the statement of financial activities in the ye3r in which they are received or receivable. Grants made by edutational trusts in respect of fees due for pupils, which are immediately allocated to the relevant account are not separalely disclosed, but are included in restricted funds. The Government Coronaviru5 Job Retention Scheme IQRSI grant is recogni5ed in income over the period in which the related staff costs are recognised. 28 E-sign ID.. 84d42852*1)3B4d62-b4dg403858393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure Re50urce5 expended are accounted for on an accruals basi5. The charity is not VAT registered and accordingly expenditijre 15 shown gross of irrecoverable VAT. The schools, operating costs include staff costs, premises costs and other related costs. All costs are allocated direct￿ to the appropriate heading under charitable expendrture save forthe administration of the charity and governance costs, which are apportioned on the basis of management estimates of the time spent. School Trips The Schools collect monies in respect of trips and pay these monies out in full. As these funds do not represent income for the Schools, they are not accounted for in the Statement of Financial Activitie5. Taxation The charity Is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purpose5. Accordingly, the charity is potentially exempt from taxation in respect of income or capttal gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Signilicant purchases of office, plant and kitchen equipment, and motor vehicles are capTtalised. Educational equipment and other ttems are dealt with on a renewals basis and are written off against revenue in the year in which the expenditure is incurred. Depreciation 15 calculated at the following rates: Asset class Office, plant and kitchen equipment Substation plant Freehold Property Land Depreciation method and rate 10%-33% straight line 2% Straight line 1% straight line not depreciated Land and buildings acquired before 1992 are carried at their book value at that date. The net realisable value of these a55ets is in excess of this amount and therefore no further depreciation is charged. School building5 acquired in 1993 and subsequently are stated at cost and depreciated at 1% per annum. The carrying values of tangible fixe(J assets are reviewed regularly by the Governor5 and any impairment is accounted for in the year in which it arise5. 29 E-slgn ID.. 84d42a52-6b38-4d6trb4d9-￿8ase3933S8 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Fixed asset investments Fixed a55et investments are incltjded at market value at the balance sheet date. Realised gains and losses on investments are c31¢ulated as the difference between Sa￿e$ proceeds and their market value at the start of the year and are charged or credited to the Statement of Financial Activitie5 in the period of disposal. Unrealised gains and losses represent the movement in market values duringthe year and are credited or charged to the Siatement of Financial Activities based on the market value at the year end. Current asset investments Current asset investments are included at market value. Stock Stock is valued at the lower of cost or net realisable value, when it is considered that they are signifi.cant in relation to the operations of the Schools. Trade debtor5 Trade debtors are amounts due for school fees. Trade debtors are recognised initially at the transaction price. Known bad debts are written off and provision 15 made for any considered to be doubtful. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and tall deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade ¢redltors Trade creditors are obligation5 to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Account5 payable are classified as current liabilities if the charitv does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporknng date. they are presented as non-curfent Trade creditors are recognised initially at the transaction price and subsequently measured at amorhsed c05t Using the effective interest method. Fee deposits and fee5 in advan¢e Fee deposits are received from parents when a pupil joins the School and refunded in either the pvpil's first or last term depending on which year group the pupil is at when they join the school. Fees in advance are deferred and allocated to income as the pupil progresses through the School. 30 E-sign 10.. 84d42852.6b334d6e-b4dW503aSe393&58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Borrowin8S Interest-bearing borrowings are initially recorded at fair value, net of transaction CDSts. Interest- bearing borrowings are subsequently car¥ied at amortised cost, with the dIffe￿nCe between the proceeds, net of transaction c05t5, and the amount due on redemption being recognised as a charge to the Statement of Financial Activitie5 over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowing5 are tlassltied as current liabilities unless the charity has an uncoriditional right to defer settlement of the liability for at least twelve months after the reporhng date. Provlsions Provisions are recogni5ed when the Charity has an obligation at the reporting date as a result of è past event, it is probable that the Charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. This includes expenditure identilied in the Strategic Development Plan as repairs to the Estate, where these have been identified and reported to the Board of Governors before the year end. Foreign exchange Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary asset5 and liabllities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. The results of overseas operation5 are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange diffe￿nceS arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriatel. Other exchange differences are recognised in the Statement of Financial Activities in the period In which they arise except for.. 11 exchange differences on transactions entered into to hedge certain foreign currency risks (see abovel- 21 exchange differences arising on gains or losses on non-monetary item5 which are recognlsed In other comprehensive income,. and 31 in the case of the consolidated financial statements, exchange drfFerences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur Itherefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity. Fund accounting Unrestricted funds comprise incoming and outgoing resources and expenditure for the School's purpose5. 31 E-SvJn ID". 84d42852-6b3a4Oee-b4d9-503a5e393958 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Designated funds are unrestricted funds set aside for particular purposes. Restricted funds are to be used for specific purp05e5 a5 laid down by the donor. Restricted funds include a minimum of 2.5% provided from fee5 receivable in respect of full fee paying places in the Senior Schools. This provision is allowed under the constitution of the Schools and is at a level decided upon by the Governors. It is utilised for the Goveinors, awards scheme which provide bur$81ies. Donations to bursary fund5 are treated as restricted funds. The permanent endowment fund consi5t5 of18nd Inil value) comprising the original Tenterden street and Bridge Road sites. Pensions and other post retirement obligations The teaching staff are members of the DfE Teachers, Pension Agency Superannuation Scheme, which is a defined benefit scheme. Contributions are deemed to be invested in a notional fund. New funding method strategies applied from an effective date of 31 March 2001, remove the possibility of a surplus or deficit. Non-teaching staff are members of the Pensions Trust Scheme further details of which are Set out in the notes to the accounts. Where applicable, the assets of both these scheme5 are held separately from those of the Schools in ndependently administered funds. Financial instruments Clossificodon Financial a55ets and linancial liabilities ale recognised when the charity becomes a party to the contractual provision5 of the instrument. Financial liabil￿e5 and equity instruments are classified according to the substance of the contrartual arrangements entered into. An equity instrument 15 any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities. 32 E-sign ID. 84d42aS2-6b3a4d6è-b4d￿SO3a5e3g38S8 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Recognition ond metisurement All financial assets and liabilities are initially measured at transaction price (including transaction cost51, except for those financial assets cla5silied a5 at fair value through the statement of tinancial activities, which are initially measured at fair value (which is normally the transaction price excluding transaction cost51, unless the arrangement constitute5 a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for 3 similar debt instrument. Financial assets and liabilitie5 are only offset in the balance sheet when, and only when there exists a legally enforceable right to Set off the recognised amounts and the CharSty intends eitherto settle on net b8sis, or to reali5e the asset and settle the liability simultaneously. Financial assets are derecogni5ed when and only when al the contractual rights to the cash flows from the linancial asset expire or are settled, bl the Charity transfers to another party substantially all of the ris￿ and rewards of ownership of the financial asset. or cl the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Flnanclal liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expire5. 2 Income from donatlons and legacles Restricted funds £000 Total 2024 £000 Total 2023 £000 Donations and legacies,. Donations from individuals 564 564 347 347 564 33 E-srgn ID.. 84($42852-6b3a4d68-b4d9-50385e393858 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 3 Income from charitable activitres Unrestricted funds Total 2024 £000 Total 2023 £000 General £000 Fee5 16,581 1,051 17,633 16,581 1,051 17,633 Total 2024 £000 14,916 1,014 15,930 Total 2023 Ancillary income Analysis of anclllary Income Administration and other charges Catering Coach charges After School, 8reakfa5t & Holiday Club charges Sundry income 156 131 591 548 198 102 103 48 1,014 1,051 4 Investment income Endowment funds Permanent £000 Unrestricted funds Deslgnated General £000 £000 Restricted funds £000 Total 2024 £000 Investment income 17 76 73 30 197 Total 2023 £000 Investment income 231 34 E-SigTr ID.. 8ld42a52-6b38-4d6e-b4d￿50S8se393OsB THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 5 Expenditure on raising funds Costs of generating donatfjons and legacies Unrestricted funds General £000 Total 2024 £000 Total 2023 £000 Note Fundrèising costs 220 220 114 6 Expenditure on charitable activitie5 Activity undertaken directly £000 2024 £000 2023 £000 Academic Welfare 10,799 1.117 2,689 1,513 106 10,799 1,117 2,689 1,513 106 9,604 1,003 2,266 1,556 118 Premises Support Costs Management and administration Bursaries, discounts and fee assistance 1,562 17,786 1,562 17,786 1.394 15,941 In addition to the expenditure analysed above, there are also governance costs of £24,04912023 £40,360) which relate directly to charitable activities. See note 7 for further details. 35 E-sign ID. 84d422524b3a4d62-b4d9-503a5e393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 7 Analysis of governance and support costs Governance costs Governance costs Unrestricted funds General £000 Total 2024 £000 Total 2023 £000 Audit fees Audit of the financial 5tatementS Other governance cost 21 21 23 17 40 24 24 8 Net incominBloutgoin8 resources Net incoming resources for the year include: 2024 £000 2023 £000 Audit fees Depreciation of fixed assets 21 23 246 262 9 Governors remuneration and expenses No governors, nor any persons connected with them, have received any remuneration nor any other benefits from the charity during the year. 10 Staff costs 2024 £000 2023 £000 Staff costs during the year were: Wage5 and Salaries Social security costs Pension cost5 9,385 920 8,564 828 1,607 1,308 11,912 10,71K) The average number of full time equivalent employees during the year was 224 12023.. 2241. This consist5 of teaching staff 123 and non-teaching staff 101. 912023: 81 Employees received rernuneration of more than £60,000 during the year. The Governors are of the opinion that further disclosure of staff costs, as normalw required under the provision of the Statement of Recommended Practice, would be detrimental to the management of the charity. 36 E-Si9n ID. 84d42as24b3a4d6e-b4d￿5O3a5O393èS8 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11 Taxation No tax wa5 charged in the yeai12023 £nill. The School is a registered charity and, a5 Sltch, is not Subject to taxation. 12 Tangible fixed assets Freehold property £000 Equipment £000 Total £000 Cost At I September 2023 Additions 16.776 672 1.075 299 17,851 971 At 31 August 2024 17.448 1,374 18.822 Depreciation At I September 2023 Charge for the year 1,080 229 595 1.675 307 78 At 31 August 2024 1,309 673 1,982 Net book value At 31 August 2024 16,139 701 16,840 At 31 August 2023 15,696 481 16,177 37 E-sun ID.. 84d42a52-6b3a4d68-b4d9-50385&393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13 Fixed asset investments Other Investments Investment5 £000 Total £000 Cost or Valuation At I September 2023 Revaluation 1,250 86 1,250 86 1401 Disp05als 1401 At 31 August 2024 1,297 1,297 Net book value At 31 August 2024 1,297 1.297 At 31 AuEUSt 2023 1,250 1,250 Historical cost at 31st August £1,157,208. Investment 111 Subsidiary The company owns 100% of the issued share capital of Bury Grammar Schools Services Limited from its incorporation on 19th july 2012. Bury Grammar Schoo15 Services Limited is incorporated in England and Wales and has a 31st August year end. 14 Stock 2024 £000 2023 £000 Teaching materials, stationery and catering supplies 16 23 IS Debtors 2024 £000 2023 £000 Trade debtor5 io Prepayments Accrued income Other debtors and prepayments 138 214 796 947 427 658 Trade debtors are fees due. Other debtors and prepayments include Supplies purchased for the academic year commencing September 2024. 38 E.Sign ID.. 84d42852-603a-4d6e-b4d9-503a5e393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16 Current asset investments 2024 £000 2023 £000 Short term investments 1,624 1,549 Short term investments comprise amounts held in UK Term Bank Accounts. All amounts are designated and restricted funds for bursaries and capital projects. 17 Cash and cash equivalents 2024 £000 2023 £000 Cash at bank Cash at bank represents the unrestricted cash balances. 6,456 3,700 18 Creditors: amounts falling due within one year 2024 £000 2023 £000 Trade creditor5 269 568 Other loans 30 30 Other taxation and social security Fee deposits & fees in advance Other Creditors and accruals TPA & other penslon contributions 215 209 3,936 917 573 912 204 5,571 163 2,455 19 Creditors: amounts falllng due after one year 2024 £000 2023 Other loans 45 75 Fee deposit5 & fees in advante Other creditors 747 656 366 1,158 187 918 20 Commitments Capital commitments Capital projects incomplete at the year end. The total amount contracted for but not provided in the financial statements was £Nil 12023 £107,258). 39 E-sign ID.. 84d42a52-6b384d6e-b4d950385e393858 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21 Pension and other schemes TEACHERS, PEN51ON SCHEME The Teachers, Pension Scheme ITPS or scheme)5 a statutory, unfunded. defined benefit occupational scheme, governed by the Teacher5, Pensions Regulation5 20101 a5 amendedl and t he Teachers, Pension Scheme Regulations 2014 las amended). Thoe regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-3ided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic forfull-time teachers and lecturers and, from l January 2007, automatictoo for teachers and lecturers in part-time employment following appointment or a change of contract. Teacher5 and lecturer5 are able to opt out of the TPS. The Teachers, Pension Budgeting and Valuation Account Although members may be employed by various bodies, thelr retirement and other pension benefits are set out in regulations made under the Superannuation Act119721 aNI PublTC SeNice Pensions Act 120131and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a 'pay as you go 'basis-contributions from members, along with those mède by employers, are credited to the Exchequer under arrangements governed by the above Acts. The Teachers, Pensions Regulations 2010 require an annual account, the Teachers, Pension Budgeting and Valuation Account, to be kept of receipts and expenditure lincluding the cost of pension increase51.From l April 2001. the Account has been credited with a real rate of return, which is equivalent to assuming that the balance In the Account Is invested in notional investments that produce that real rate of return. Valuation of the Teachers. Pension Scheme The outcome of the latest Teacher5, Pension Scheme ITPSlrevaluation was announced in October 2023. From April 2024 employer contributions increased from a rate of 23.6% to 28.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover adminlstration expenses. A copy of the latest valuation report can be found by following this link to the Teachers, Pension Scheme website at ihe following location.. htt /www.teachers en5ions.co.uk newslem lo ers12023 io valuation-re5u1t.as 40 E-sign ID.. 84d42a524b38406&b4d950385e393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 S¢heme changes In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and tiretighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct aEe discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, have rejected the Governmenys application for permission to appeal the Court of Appeal's ruling. The case will now be referred to an Employment Tribunal for a decision regarding the remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination. Since then, claims have also been lodged against the main publie service schemes including the TPS. The Department has conceded those in line with the rest of the government. In july 2020 HM Treasury launched a 12-week public consultation which will provide evidence to SUPPOrt the delivery of an appropriate remedy forthe affected scheme5, including TPS. A final remedy will be determined once the results of the consuttation are established. In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opp05ite-sex marriage5 and civil partnerships are treated less favourèbly than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020, the Employment Tribunal recorded it5 findings in respect of the claimant. DfE is currently working to establish what changes are necessary to address this discrimination. Any Smpact of these events will be taken into account when the next scheme valuation 15 implemented. This is scheduled to be implemented in April 2023. based on April 2020 data. SUPPORTSTAFF SCHEME-THE PENSIONSTRUST The Schools participate in the Pension Trust's Growth Plan Ithe Plan). The Plan is funded and is not contracted out of the state scheme. It Is a multi-employer pension plan. Contributions paid into the Plan up to and including September 2001 were converted to delined amounts of pension payable from Normal Retirement Date. From October 2001 contributions were invested in personal funds which have a capital guarantee and which are converted to penston on retirement, either within the Plan or by the purchase on an annuity. It is not possible for the Schoo15 to obtain Suffi'cient information to enable it to account forthe defined benefit element of the scheme as a delined benelit scheme. Therefore it account5 for the scheme as a defined contribution scheme. The scheme is Subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards i55ued by the Financial Reporting Council, Set out the framework for funding defined benefit occupational pension schemes in the UK. 41 E-sign ID.. 84d42aS2-5b3a-4d6e-b4d￿SO3ase39)5S￿ THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 The scheme is classified as a 'last-man Standing arrangement,. Therefore the charity is potentially liable for other participating employers, obligations if those employer5 are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employer5 are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2020. This valtjation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme. The recovery plan contributions are allocated to each participating employer in line with their estimated Share of the scheme liabilitie5. The deficit contribution5 payable by the Schools are £8,560 per annum from l April 2023 to 30 September 2025 Ipayable monthly and increasing by 3% each on 1st April). Where the Schools have agreed to a deficit funding arrangement the Schools recognise a liability for thi5 obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreemenl that relates to the deficit, The present value 15 calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as linance cost. 2024 £000 2023 The present value of provision at 31st August wa5-. 12 2024 £000 2023 £000 Reconciliation of opening and closing provislon Provision at start of the period Unwinding of the discount fartor linterest expense) Delicit contribution paid Remeasurements - impact of any change in assumptions 12 20 181 iii 181 Provision at end of period 12 Assumptions Rate of Discount applied 5.13%12023 6.04%, 2022 .. 4.46%) The discount rates applied are the equivalent sinEle discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contribution5 42 THE BURY GFLAMMAR SCHOOLS TRUSTEE LIMITED NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Other ie¢ogThI5ed BilJnceJt31 Transfers galD5111ossesl Augu5tZOZ4 £wo £000 ÉODO 22 Furds alanteat I Septernber 2023 Incominz re50ur£es Aesouice5 expended £000 Unrestrlrted fuThds General 13.369 17.709 607 14,185 De51gnated 731 17 31 20 800 Total Unrestrlctedfv￿ds 14.601 17.726 118.0001 638 20 14,985 Re5trfctedlund5 4.711 637 16101 22 4,754 Endowrnentfunds PErmanent 661 30 45 Total funds 19.973 18.393 18,006 87 20,447 UnrEstrl¢ted lund UnresirKted fundstompfise ofthesurplu5 arlslngoutof the norffl31 dJy-io-day running of the Schoob. Oe5ign?redfuDd5 CQtnpriEe the StsvtrnDts bur521iesfund, whlchls arnounts setas￿e byGDvernorsfor the purpose of bursarf&¥. Restrfrtedfunds The restrlcteLlfund5 iTrf thE thaFitycotnprisE offunds fo¥ use in capltal proletts and bjrs3r￿S. Endowmentfun&5 The endowment fund5 a￿ ba13nceson donalon5 and 8rant5given forthe speofic purp05e5 of bursary, scholarship and priie Ivncls. 43 E-sign ID". 84d42a524b384d6e-b4d9-503a58393a58 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23 Analysis of net a55ets between funds Endowment Total funds at fvnds 31 August Permanent 2024 £000 £000 Unrestrirted funds General Designated £000 £000 Restricted funds £000 Tangible fixed assets Fixed asset Investments 14.180 2,660 372 16,840 1,297 9,042 15,5711 11,1581 141 283 642 Current assets 6,738 15,5711 11,1581 141 517 1,722 66 Current liabilities Creditors over l year Provisions Total net assets 14,185 800 4.754 708 20,447 24 Related party transactions Children at the school Children of four governor5 are pupils of thè school. The gDvernor5 concerned receive no discount on the fees payable, and at the year-end there were no outstanding balance5. Woodcock Howarth & Nuttall One of the governors is an equity partner in Woodcock Howarth & Nuttall who act as the Schools, solicitor. All transèctions are carried out on a commercial basis. James Sharp & Co Sttxkbrokers Mr M J Entwistle, who retired from being a governor during the year, Is a partner in Jame5 Sharp & Co who administers the Schools, investments. All charges relating lo the services provided are not material to either party. 44