Registered Charity number 528402 Haberdashers. Adams, Grammar School Charity Flnan¢lal Statoments for th8 yoar ond•d 31 August 2023
Haberdashers. Adams. Grammar School Charlty FINANCIAL STATEMENTS 2023 CONTENTS Page Legal and admlnlstratlv• detail• Tru$teo'8 rnport Ind&pond&nt audltorn. roport stalement ol flnanolal actlvltl 11 Balane• 8h•ots 12 Note8 to the flnanclol ststèments 13
Haberdashers. Adams. Grammar School Charity FINANCIAL STATEMENTS 2023 LEGAL AND ADMINISTRATIVE DETAILS CONSTITUTION Haberdashers, Adams, Grammar School Charity, an unincorporated charSty registered in England and Wales, is governed by a Scheme of the Charity Commission dated 29 September 1988. RegiSted Charlty number 528402 TRUSTEE The Haberdashers, Company www.habordashers.co.uk Haberdashers. Hall 18 Wesl Smllhfield London EC1A 9HQ MASTER AND WARDENS OF THE HABERDASHERS, COMPANY R E l Elliott Alderman Slr Wlliam Russell KStJ JWAC8nn S V Dyson OAOOl8fareJP Master First Warden Second Warden Thlrd Warden Fourth Warden MANAGEMENT TEAM Clerk 8rlg8dier H A Watson MBE Olrector of Finance & Information Olrector of FinanGe E D Bayley (to 6 October 20231 H V M Sadlelr ltrom 7 Oclcber 20231 Dlrector for Schools & Property A L Gonzalez BANKERS C Hoare & Co 37 Fleet Street London EC4P 4DQ Coutls & Co 440 Strand London WC2R OQS Lloyds Banking Group 1 Barnett Way Gloucester GL4 3RL INDEPENDENT AUDITORS Saffery LLP 71 Queen Victoria Street London EC4V 4BE
Haberdashers. Adams. Grammar School Charity FINANCIAL STATEMENTS 2023 LEGAL AND ADNIINISTRATIVE DEfAILS PROPERTY ADVISERS Carter Jonas South Pavilion Sansaw Business Pa Hadnall Shrewsbury SY4 4AS Haborda8h•rs' Adams Haberda$her8' We8t Midlands A¢ademy Trust Habordashers, Abraham Darby www.8brahamdarbyacademy.com www.adamsg8.org.uk Hlgh Street Newport Shropshire TF10 7BD
Haberdashers. Adams, Grammar School Charity TRUSTEE'S REPORT The Trustee presents the annual report and financial statements of the Charity for the year ended 31 August 2023. The financial statements have been prepared in accordanGe with the accounting policies set out in note 1 of the accounts and comply wilh Ihe Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Legal and administrative information set out on pages 1 and 2 fomis part of this report. TTustse The Master and Four Wardens of the Fralemity of the Art or Mystery of Haberdashers in the City of London, a body corporate commonly known as the Haberdashers, Company, Ss Tnjstee of the Charity in Its capacity as the Governors of the Possessions and Revenues of the Free Grammar School of Newport, in the County of Salop, of the Foundation of William Adams. The Trustee receives no remuneratfon from the Charily. Objects The objects of the Charity are.. to make land and buildings avai12ble for use by the Haberdashers, Adams, Grammar School I'the School,) and to keep those buildings Insured,. and to Invest assets other than the land and buildings uséd by the School, to generate income for th8 benefit of the School, In particular for the maintenance of buildings (91 % of net income), and for certain other beneflclaries named In the Schem8190h of net incorne). The Trustee has given careful consideTation to the Charity Commission's general guldance on publlc benefit and lo ils supplementary public benefit guidance on advancing educallon in establishlng strategy and planning activilies for the Charity in pursuit of the objects. To increase social mobility and its connections wllh the local community, the School's admissions policy gives preference to boys and girls of grammar school standard who Ilve in the Newport area or are entilled to free school me81s. Glrfs are being admltted to Year 7 for th8 first tlme in September 2024., the Sixth Form has been co- educatlonal since September 1993. Tha Charlty's Orlgln In 1656 Willlam Adams, a Member of The Court of A5SlStants of the Worshipful Company of Haberdashers, gave to the Company hls land in Staffordshlre within th8 Manor of Knighton, for the foundallon of a free grammar school and four almshouses in the town of Newport, Shropshire and for the payment of various stipends. On his death In 1661 he devised furthor property lo the Company. The School was established by letters patent of Oliver Cromwell In 1656 and, after the death of William Adams. the Charity was established by Act of Parliament and the Master and Four Wardens incorporated as the Governors. The School is a popular and hlghly successful selective school with boarding facilities. From 199910 2011, it was a Voluntary Aided school, with funding provided by Telford and Wrekin Education Authority. On 1 September 2011, the School became an A¢ademy wlthln the Haberdashers, Adams, Federation Trust (the Federation), subsequently renamed th8 Haberdashers, Wesl Midlands Academies Trust in 2022. Statement of the Trustee'g Responslbllltles The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance wilh applicable law 8rsd United Kingdom Accountlng Standards (United Kingdom generally accepted Accounting Practice). The law applicable to charities in England and Wales requlres the Trustee to prepare financial statemenls for each financial year which give a true and fair view of the stste of affairs of the Charity and of the incoming resources and application of the resources of the Charity for that period. In preparing these financial statements the Tru5t& Is required to-
Haberdashers, Adams. Grammar School Charity TRUSTEE'S REPORT select suitable accounling policies and then apply them consistently., observe the methods and principles in the Charities SORP (FRS 102)., make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed. subject to any material departures dlsclosed and explained in the financial slatements-, prepare the financial statements on the going concern basis unle55 It is inappropriate lo presume that the Charity will continue in business. The Trustee Is responsible for keeping propar accounting records that disclose with reasonable accuracy the financial position of the Charity and whlch enable the Trustee to ensure that the financial statements comply with the Charities 2011, the Charilies (Accounts and Reports) Regulations 2008 and the Charity's constitution. The Trustee is also responslble for safeguarding the assets of the Charity and hence for taking reasonable st8ps for the prevention and detectlon of fraud and other irregularities. Govemance The Haberdashers, Company is governed by a Court ofAssistants, whose members bring a range of expertise to their service both for the Company and on governing bodies of the Company's schools, including Haberdashers, Adams, and Haberdashers, Abraham Darby. The Trustee's duties are delegated to certain Compsny commlttees.. The Education Committeè Is responsible lo the Court of Asslstanls for the affairs of the Ch8rlty. Th8 Finance Commlttee advises th8 Educatlon Committee on tho Charity's financial affairs and sets Investment policy. The ¢hairs of th8 Educats'on. Property and Securlties Committees are members ofthe Finance Committee. The Property and Securities Committees are responsible to the Flnance Commlttee for managing the Charfty's Investments. The Membership. Engagement and Appoinlm6nts Committee ensures that appolntm6nts to each committe8 provlde an appropriate r8nge of skllls and expenen¢é. Induction processes for new committee members ar& lallorecl to individual needs by committee secretaries. Ongolng training for Court and Committee members includes provision of relevant Charity Commls5ion publications and briefing sesslon5 on current topics at committee meelings. The Trustee has implemented a risk management strategy for all charitl8s under Its control, whlch comprises.. annual review of risks faced by the charities., establishment and review of systems and procedures to mitigate those risks; and establishment and review of procedures to minimise potential impact on the charities should any of those risks materlallse. Relatod partles The School has been federated with Haberdashers, Abraham Darby in Madeley, Telford, sln September 2008 and, on conversion to an Academy itself on 1 September 2011, became part of the Haberdashers, Adams. Federation Trust (now the Haberda5hers' West Midlands Academies Trust), a separately consb'tuted charity. sponsored by the local authority and by the Haberdashers, Company. Through the Trust, the School and Haberdashers, Abraham Darby Academy have a number of Governors in common but Ihe Charity's object is lo provide financial support for the School only and not for Haberdashers, Abraham Darby. The Haberdashers. Company nominates four individuals to be members of the Trust along with itself. The members appoint the majority of the Directors of the Trust and the Directors appoint others to serve, along with themselves, as the Governors of the I0 academies. The Charity and the Trust. having related objects and common control, are regarded as connected Gharities. As Trustee, the
Haberdashers. Adams. Grammar School Charity TRUSTEE'S REPORT Haberdashers. Company maintains close contact with the Governors and the School, to ensure that the Charity'5 resources are applied to best effect 8t th8 School. The Haberdashers, Company is also Trustee of the Haberdashers, Charities Investmant Pool, common investment fund in which the Charity's endowment funds are Invested. Investment powers and objectlves There are no conslraints on the Trustee's general power of investment in the governing Scheme, Investment property is m8n2ged by the Property Committee of the Haberdashers, Company. advised by the property advisers. Supervision of other Inveslments is exercised by the Secudties Committ8e of the Haberdashers, Company. The current investment objectlV8s ar8.. to collect all the monles due from the sale of investment property., lo maximise net income from the limited amount of investment property thal remalns; and lo maximise capital growth from other investments, subject first to produclng a consistènt level of income. Proceeds of a propety disposal for development in 2003 were Invested to generate additional endowment income (from the Second Permanent Endowment Fund) which, under a Section 106 agreement wlth the local authorlty, must be used to maintain the Charity's listed buildings. The remaining land held for Investment génerates income from short18ases. The Charity's maln Investment Is in the Haberdashers, Charities Investment Pool, 'the CIP fund,, a common investmenl fvnd and r8giSled charity wilh the Haberdashers. Company as Trustee. Th8 investments in the CIP are managed by Cazenove Capital Management Limlted. From Aprll 2017, the CIP adopted 8 total return approach. Since thls date, the investment objectlve for the CIP Is to m8ximise total return, whilst producing Incom6 broadly in line with the average level sought by charities constrained by Income. From April 2017, the perforniance benchmark has been as follows.. Equilles Flxed Interest Alternatives MSCI AC Wodd Index FTSE Government All Stocks LIBID 7 day +2L/Tro The Trustee requires that Snvestment rfsk Is mlnlmlsed in rel8tlon to the mlx of asset classes and stocks held within each class. Under the total return approach, all investment returns are received into the permanent endowment fund, whether in the form of Sncome or realised or unreallsed gains. With full regard to the overrldlng duty to manage investment assets to meet the long term needs of the participating charities, the Trustee then make transfers out of the accumulated unapplied total r8tum In the endowmenl fund to a 'trust for application, to meet grants and other costs formerly pald out of net income. The remaining unapplied total retum 1$ retained within the permanent endowment fund. The base date for the CIP fund is 30 June 2009, atwhich point the endowments were valued at£838k and additional capital of £984k has been added slnce that date. Preservation of real value of the endowment fLrnd is monitored by indexing the base value to the great8r of RPI or an index of salaries in the service sector. as a proxy for the rate at which costs increase at the schools. At 31 August 2023, the value of CIP endowment fund investment assets was £443k more than the indexed base value {2022.' £743k- restated), Details of the movement on unapplied lotal retum can be seen at note 6. Reserves pollcy The Charity aims lo keep one yearfs expenditure in unrestricted general funds. This year, net investment losses have been a strain on the unrestricted funds position, nonetheless overall the Charity has been able to maint2ir. this position of having one yearfs expenditure set aside. As the investment losses have been borne by the General Fund, a transfer has been made from the
Haberdashers, Adams, Grammar School Charity TRUSTEE'S REPORT Designated School Fund to the General Fund to maintain Ihe balance on the General Fund at £nil. In those years when there is a surplus on the General Fund this is transferred to th8 Designated School Fund to maintain the £nil balance. Th8 ability to make grant payments for school maintenance from the unrestricted fund conunues to be con5tralned by the need lo make capital and interest payments on a loan taken to provide funding for science building al the School. However, there are reserves of £146,459 in the Designated School Fund at the year end (2022.. £214,219). Full delails of the Charity's reserves at year end are set out In note 11 to the financial statements. Mlsslon and strategy The partnership beeen the Trustee and the Governors of the School has developed 8 unique and highly successful establishment serving day pupils and boardefs. Although proud of its grammar school status, now also as an Academy, the School does not operate in Isolation but works closely with the local authority and its Trust partner Haberdashers, Abraham Darby to serve the wider community of Telford and Wrekin. To increase social mobility and its connectlons with the local community, the School has an adrnls5ions policy which gives preference to boys and girfs of grammar school calibre (girts are being admitt8d to Year 7 for the first tlme in September 20241 who live in the Newport area or are entitled to free school meals. However, the resources of the Charity are Ilmit8d and Ihe buildings at Ihe School, some of which are listed, have suffered from scarclty of funding over many years. The aim of the Trustee and the Governors for the School's hvo sites Is lo achieve malor Improvements in the building stock, funded by grants, fundraising by 8nd from parents and alumni and from the Charity Itself. The School has been successful In varfous bids for capital funding over thè lasl 10 years whlch have enabled signific8nt changes to the estate. The most recent projects have been the replacement of the Sports Pavilion, which was partly funded by an appeal (to whlch the Charity contributed}, and a new 10-classroom block which has enabled an expansion to the School under the Selective Schools Expansion programme. The strategy adopted by the Trustee has been and remains.. to maximise the return from investment assets. to bulld up reserves lo as51St in repair and refurbishmént of Ilsted buildings. to asslsl the School in its own fundralsing actlvities. to be prepared to use the Charity's assets to supplem8nt grant funding for building projects. lo protect the value of the Charlty's endowm8nl funds but, as a last resort, to be prepared to apply lo the Charity Commission for permission to expend endowment capital on buildlng projects, subject to replacement orders. Publlc Bènèflt The Charity provldes public benefit by making availablè. at no charge, land, buildings and other support for the School, which is a Slate Academy with a private boarding facility. There are currently 1,065 pupils aged 11 to 18, including 85 boarders. The School serves the populalion of Newport, Shropshire and surrounding areas and 15 also able to accommodate pupils with a particular need to board but for whom boarding schools in the independent sector are not affordable. There are only around 35 maintained schools wlth boardSng facilities in England and Wales and demand for l)oarding pla$ remains high. The School was inspecled by Otsted in the summer term 2022 and was judged 'good'. The full report is available on the Ofsted website. The local authority, Telford and Wrekin, has demonstrated its faith in the School through co-sponsorship of Ihe Trust. The resources provided by the Charity for the School and the governors nominated by the Haberdashers, Company have made a substantlal
Haberdashers. Adams, Grammar School Charlty TRUSTEE'S REPORT contribution to the School's ability to widen its area of benefrt in Shropshire through participation in the Trust. School bulldings The site5 and historic buildings occupied by the School are assets of the Charity. In recent years, additional buildings have been constructed with a mixture of public and privale funding. In particular, the Sports Pavilion. whleh was partly funded by an appeal lo which the Charlty contributed, and the new 10-classroom block. These newer buildings a held on the balanc8 sheet of the Haberdashers, Adams, Federation Trust. In 2010, the Charity took a bank loan of £550,000 to enable it to support funding of th8 Sports Hall, which was held initially on the Charity's balance sheet. INhen the School converted to an academy, that building was transferred to the balance sheet of the Haberdashers, Adams. Federatlon Trust, at which point the bank loan left the Charity's genèral fund overdrawn. However, the Charity serviced the loan wlthout difficulty and the overdrawn fund balance was roctifled in 2019. A further loan was taken out in February 2017 to purchase Beaumaris House, a nursing home on an adjoining sile. The loan was fully repaid in February 2021. Thls buildlng, now renamed Beaumaris Hall, has been converted to a modern boarding facility and replaces the old, senior boarding houses. The Trustee is in the process of explorlng options for the disposal of the old boarding houses (Beaumarls, Picken and Roddam) as they are no longer needed by the School. The School's boardlng facilities are now on Iwo siles, with senlor boarders in Beaumaris Hall and junior boarders a short walk from the School al Longford Hall. The School makes contributions from its non-public funds to the Charity Sn recognltlon of financlal support for building projects from the Charity. Contrlbutlons in the year ended 31 August 2023 were £50,000 (year ended 31 August 2022.. £50,000). Flnance Group total incoming resources for the year were £185,278 (2022: £203,664). Grants of£33,552 were made to the School during Ihe year (2022 £42,644). Net incoming resources for the year before Investment gains were £21,162 {2022'. nel Incomlng resources £75,497). Net investment losses for the year were £145,479 (2022: net losses £123,098). Total return on the endowment funds, investrnent in the Haberdashers, Charltie8 Investment Pool was 0.1% {2022- negative 3.OOh - r8Stated). Objectives In the year ahead ar8.. Dlspose of surplus propety- and To make best use of the restriGled School Mainlenance Fund for the listed bulldings at the School. Signed on behalf ofthe Trustee on l ? 2024. InAL-( Master Warden
INDEPENDENT AUD]TORSI REPORTTO THE TRUSTEE OF HABERDASHERS, ADAMS, GRAMMAR SCHOOL CHARITY Oplnlon We have audited the financial statements of Haberdashers, Adams Grammar School Charity for the year ended 31 August 2023 which comprise the statement of financial activtties, the balance sheet and notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounling Standards, Sncluding Financial Reporting Standard 102, the Financial Reporting Standard appllcable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. glva a true and fair view of the state of the charity's affairs as at 31 August 2023 and of its incoming Tesources and application of resources for the year then ended., have been propedy prepared in accordanoe wlth United Kingdom Generally Accepted Accounting Practice,. and h8ve been prepared In accordance with Ihe requlrements of the Charities Act 2011. Basls for oplnlon We conducted our audit in 8ccordance with International Standards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described In the Auditorfs responsibilities for the audit of the financial statements sectlon of our report. We are Sndependent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordancè wSth Ihese requirements. W8 believe that the audlt evidence wè have obtalned Is sufficient and appropriate to provide a basis for our opSnlon. Conclu8lon8 relatlng to golng concorn In audltlng the financial statements, we have concluded that the Trustee's use of the golng concem basis of accounllng in the preparallon of the financial statements is appropriate. Based on the work we have performed. we have not identifled any material uncertainties relating to evenls or conditlons that, individually or collectlvely, may cast significant doubt on the charity's ability lo continue as a going concern for a period of at least e1ve months from when the financlal statements are aulhorised for issue. Our responslbllities and the responsibilities of the Trustee with respect to going concem are descrlbad in the relevant secllons of this part. other Informatlon The other information comprises the information Included In the annual report, other than the financial stalements and our auditor's report thereon. The Trustee is responslble for the other information. Our opinion on the financial statements does not COV8r Ihe other informallon and, except to the extent otherwise explicitly stated in our report, we do not express any forrn of assurance conclusion thereon. Our responsibility is lo read Ihe other informatlon and, in doing so, Consider whether the other information is materially inconsistent with the financial slatemenls or our knowledge obtained in the course of the audit or otherwise appears to be materially misslated. If we idenlify such materlal in¢onsistencie5 or apparent material misstatements, we are required to deteTmine whether thls gives rise to a material misstatement in the financial statements thernselves. If, based on the work we have performed, we conclude that there is a materlal misstatement of this other infomation., we are required to report Ihat fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports} Regulations 2008 require us to report to you if, in our opinion..
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF HABERDASHERS, ADAMS, GRAMMAR SCHOOL CHARITY the information given in the Trustee's Annual Report is inconsistent In any material respect with the financial statements., or the charity has not kept sufficient accounting records-, OT the financial statemenls are not in agreement with the accounting records and retums-, or we have not received all the information and explanations we require for our audit. Responsibilities of the Trustee As explained more fully in the Statement of the Trustee's Responsibilities set oul on pages 34. the Trustee is responsible for the preparation of th8 financial statements and for being satisfied that Ihey give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financlal statements that are free from matérlal misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the charity's ablllty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or has no realistlc altemative but to do so. Audltors, responslbllltles for the audit of the flnancial statements We have been appolnted as auditors under the Charities Act 2011 and r8POrt in accordance wlth regulations m8de under that Acl. Our objectsves are to obtain reasonable assurance about whetheT th8 financial statements as a whole are free from material misslatomenl, whether due to fraud or error, and lo issue an auditors, 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 detect a material misstatement when il exlsts. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence Ihe economic decisions of users taken on the basis of these fin8ncial stalemenls. Irregularities, Including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect materlal misstatemenls In resp8Ct of irregularities. Including fraud. The speclfic procedures for this engagement 2nd the extent to which these are capable of detecting Srregularities, Including fraud are detailed below. Identifying and assessing risks rel8led to irregu12rib'es'. We assessed the susceptibility of the charity's financial statements lo material mlsstatement and how fraud might occur, including through discussions with representatives of the Trustee, dlscussions within our audit team planning meeting, updating our record of internal controls and ensurlng Ihese controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statement5, We identified laws and regulations that are of signlficance n the context of the charity by discussions with representatlves of the Trustee and updating our understanding of the sector in which the charity operates. Laws and regulations of direct significance In the context of the charity include the Charitles Act 2011. the Charities (Accounts and Reports) Regulations 2008 and guidance Issued by the Charity Commission for England and Wales. Audlt response to risk5 identified.. We considered the extent of Compliance with these laws and regulations as part of our audlt procedures on the related financial statement items including a review of financial statement dis¢losures. We reviewed the charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identlfy potential material misstatements arising. We discussed the charity's policies and procedures for Gompliance with laws and regulations with members ofmanagement responsible for complian.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF HABERDASHERS. ADAMS. GRAMMAR SCHOOL CHARITY During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of managemenl whether they were aware of any instances of non-complian with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through managemerst override of controls by testing Ihe appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in mak(ng accounting estimates gave rise to a possible indlcation of management bias. At the completion stage of the audit. the engagement partner's review included ensuring that the team had approached their work with appropdale professional scepticism and thus the capacity to identify non-compliance wlth laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a materlal misstatement due to fraud is higher than the risk of nol detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery OT intentional misrepresentstions, or through collusion. A fvrther description of our responsibilities is avallable on the Financial Reporting Council's websrte al.. .frC.Or ukla orsTéS onsibilitl Th15 d8scription forms part of our auditor's report. Use of our report This report Is made solely to the charity's Trustee, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mlghl state to Ihe Trustee those matters we are required to state to it in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do nol acc8Pt or assume responsibility to anyone otheT than the charity 8nd the Truslee as a body, for our audit work, for this report, or for the opinions we have formed. Saffèry LLP Chartered Accountants 71 Queen Vlcloria Street London EC4V 48E ststutory Auditors Date..28 June 2024 Saffery LLP is ellgible lo act as an auditor in tenns of sectlon 1212 of the Companies Act 2006 io
as ers ams rammar 00 ari STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 August 2023 Perniangnt UnresIrfcd Restrlcted Endowment Funds Funds Funds Total Funds 2023 Total Funds 2022 Note Incomg and endowments from: Donations from the Twstee Inveslmenls.. Investment Inoome Rental Income Charitable activities.. School buildings contributions Other income.. Total retum allocated to income 30,000 30,000 50.000 25.972 2,030 77,276 103,248 2,030 101,598 2,066 50,000 50,000 50,000 36,900 40.376 177,276) 144,902 40,376 185.278 203,664 Expendlturo on: Raising fund5 CharSlable a¢tlvilles'. Donations and grants Other costs 6,713 6,713 5,786 33,552 88,928 33,552 123,851 42,644 79,737 36,923 127,193 36,923 164,116 128,167 Ngt Sn¢om8llexpendltur6) before galn8 on Investmonts 17,709 40,376 136,923> 21,162 75,497 Net108808 on Investments 181,8021 163,677) 1145,4791 1123,0981 Net Incomèlloxpondlturel 164,0931 40,376 1100,600) 1124.3171 {47,6011 Transf•r8 between fund8 11 13,6671 3,667 Not movement In lund• {67,760} 40,376 196,9331 {124,3171 147,6011 Recon¢lllatlon of Fund8: Total fvnds brought forward 214.219 124,114 4,927,722 5,266,055 5,313,656 Total funds carrlod fotward 11 146,459 164,490 4,830.789 5,141,738 5,266.055 The notes on pages 13 to 27 fomi part of these financial statements. All results dertve from continuing adivilies.
Haberdashers. Adams, Grammar School Charity BALANCE SHEET As at 31 August 2023 Note 2023 2022 Flxed assets Tangible a55ets Investment5 1.441,641 3,809.131 1,478.564 3,954,610 5,250,772 5,433,174 Current assets Debtors.. amounts reGelvabl& within one year Investments: deposits Cash al bank 38,970 42,300 87.400 65,566 42.300 49.262 168,670 157,128 Llabllltles Creditors.. amounls falling due within one year 1243,204) 1243,7471 Net current Ilabllltlos {74,5341 186,619) Total a888ts 1888 current IlabllltS08 5,178,238 S,346,555 Credltors .' amounts falling due after more than one year 134,5001 180,5001 Total net as•ots 5,141.738 5,266,055 Tho Fund8 ofthe Charlty: Permanent endowment funds Restrlcted funds Unrestricted funds 11 11 11 4,830,789 164,490 146,459 4,927,722 124,114 214,219 Total Charfty Fund8 5,141,738 5,266,055 The notes on pages 13 to 27 form part of these financial slalements. These financial slatem8nls were approved and aulhorised for issue by the Trustee on l? Tvrt 2024 and signed on behalf of the Trustee. Mas18r Warden 12
er as ers ams rammar 00 ari NOTES TO THE FINANCIAL STATEMENTS Year endad 31 August 2023 1. ACCOUNTING POLICIES Bas1$ of prepardtlon The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unle55 Otherwise slated in the relevant note to these accounts. The financial statements are prepared in accordanGe with the 'Stalemenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial 51at8menls have been prepared lo give a true and fair view and have departed from the Charilles (Accounts and Report5) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the SORP IFRS 1021 rather than the Accounting and Reporb'ng by Charities.. Statement of Recommended Piactice Irevised 2005) which has been withdrawn. The accounts are prepared in slerting, which is the functional currency of the Charity. Monetary aff)unts in these financial slalemenls are rounded lo the nearest £. The Chadty conslilute5 a publ1¢ benefit entity as defined by FRS 102. The Trustee considers that there are no material uncertalnties about the Charity's ability to continue as a going concern due to the lolal Charity funds al the year end. Cash flow extrmptlon Advantage has been tsken of the exemption for ¢harill&s with Income less th8n £SOO,000 from preparing a cash flow statement under SORP {FRS 1021. Funds $tru¢tura The Charity maintains fvnds as follows.. Permanent Endowment Fund,, The Permanent Endowment Funds may not be expendéd and represent the land and buildings ol the SGhool and assets invested to generate income for restricted and unrestricted purp05e8. ReslriGled Fund5.' Restricted Funds represent assets held and income received which are allocated by the donor5 for 8peGific purposes. Unrestrlcled Funds.. The Unreslricled Funds psent income which Is expendable at the discrètion of Ihe trustee in furth8r8nce of the objects of the Charity. Income recognltlon All incoma Is recognised in the SOFA when the conditions for reGelpl have been and ther8 is reasonable assurance of receipt. Donations.. Donation5 and all other receipts from fundraising are reported gross and any relatsd fundraising costs are reported under the heading 'resources expended, as costs of generating lunds. Tax racoverable relating to donations is aGrounted for in the same period as the related income. Inveslrnenl In¢ome.' Investment income is received without deduction of tax and is accountsd for when receivable. School buildings grants and contributions.. Govemment grants for construction of new school building5 un the Charity's land are treated as incoming resources in a restricted fund which also holds those new buildings, subject to any interest taIned by the Department for Children, Schools and Familie5. Unre51ricted contributions toward new buildings are also received from non-public school funds. 13
Haberdashers, Adams. Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 Expendlture rocognltlon Reso(Jrces expended are recorded on an accruals basis and include support costs which may be allocated direct or apportioned on the basis of stsff lime. Costs of generating funds.. Costs incurred in managing the Charity's investment assets and servlcing loans are recorded under th$ heading. Charitabl8 activities.. Expenditure incurred direcuy in meeting the objects of the Ch8rity is recorded under this heading. Governance c05ts-. Costs incurred in administering the Charity itself, rather than In managing chadtable a¢livltie5. are recorded under this heading. Allocatlon ol support and governance costs Support costs have been allocated betsveen gcvernance Costs and other support costs. These Include salaries and servic8 Charges relating lo speGifi¢ staff involved direotly in facllitating charitsble activlties. Governance c051s relate to expenditure incurred in the general running of the Charlly and include salarles and service oharges for specific staff invclved in compliance with constitutional and statutory requirements and audit fees. Irrocoverable VAT Irrecoverable VAT is charged against the expanditure heading for whlch il was incurred. Tanglblg flx¢d a$$8ts and dopr•¢latlon The cost of historic assets of th8 Charity, being the original freehold land and bulldings, are excluded from the balance sheet since reliable cost information is not available and convenllonal valuation approaches lack sufficient reliability. The original freehold land and buildings were purchased between 1656 and 1928, $0 the gure Is unlikely lo be material. Buildlngs acqulTed by the Charity since 1945 are capitallsed al hlslorlcal cost, less depreclalion. Bulldings on the Charity's land funded predominantly by government grant are Gapitallsed in the Haberdashers, Adams, Federation Tnjst. Freehold land is not depreciated. Depreciation is charged $0 as lo wrlle down the value of freehold properties, other than freehold land, lo their estimated residual value on a slralghl line basss over IhelT remaining expected useful economic lives at a rate of 20/0 per annum. Flxed asset Invostmonts Investments 8re stated at market value. All gains and losses are taken to the SOFA as they arlse. Flxed a88et Investment proporty In accordance wbth FRS 102, Investrnenl property is revalued annually by the tTUStee or external valueTS and the aggregate surplus or deficit is transferred to the appropriate fund holding the investment. Flnanclal Instruments The Charrty has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial instruments are recognised in the balance sheet of the Charfty when it becomes paty to the contra¢lual provisions of the instrument. Financial assets Basic financial assets, which include trade and other debtors and cash and bank balans, are initially reeognised attransaction price including transaction costs and are subsequently carried al amortised cost. 14
Haberdashers, Adams. Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 Other financial assets, including investments in equity instruments which are not subsidlaries, are inf(ially measured at fair value, which is normally the transaction price. Such assets are subsequenlty carried at fair value and the changes in fair value are re¢ognised in profit or loss. Financi81 assets are derecognised when.. the contractual rights lo the cash flows from the asset expire or are settled, or substantially all the risks and rewards of the ownershlp of the asset are transferr8d to another paty, or nlrol of the asset has been transferred to another party who has the practical abi11ty 10 unllaterally sell the asset to an unrelated third party without imposlng additional restrlction5. Fln*nclal Ilabllltl88 Basic financial liabilities. whlGh Snclude trade and other creditors are Initially recognised al transaction price unless the arrangement constitutes a financing Iransaclion, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Debt Instruments are subsequently c8rried at amortlsed cost, using the effective intsrest rate method. Financlal liabililles are derecognised when the liablllty Is extinguished, that Ss when the contractual obligation is discharged, cancelled or explres. Offsettln Financial assets and Ilabilili&s are offset and the net amounts presented In the financial statements when there is a legally enforceable right to sel off the recognised amounts and there is an intentson to settle on a net basis or lo reali5e the asset and settle the liability slmullaneously. Crltlcal accountlng ludg6m•nts and key Jource8 of 08tlmatlon unc•rtalnty In the application of the Charity's accounting policies, the Trustee is required to make judgements, eslim8tes and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The e$timales and as50Cl8ted assumptions are based on historical experience and other factors that are consldered to be relevant. Actual results may dlffer from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revislons lo accounting estimates are reco9nised in the period In which the estima18 is revised and in future perlods where necessary. 2. INVESTMENT INCOME Total 2023 Total 2022 Interest receivable Dlstnbutions from Haberdashers, Charllie5 Investment Pool 25,972 77,276 103,248 21,306 80,292 101.598 Total 15
Haberdashers. Adams. Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 3. ANALYSIS OF EXPENDITURE Chorltable actlYltl•8 Raising funds Govern- Total 2023 Tolal 2022 Costs dlrectly •llo¢ated to actlvltles Insurance of School buildings Less.. insurance paid by School Depreciation of School buildings Grants to School Property advice and management fees Legal fees and professional advice Loan interest Impairment of investm8nt of subsidiary company Support costs Allo¢aled on the basi5 of staff time.. Staff costs Servic& charges 28,967 122,0871 36,923 44,724 28,967 12,179 {22.0871 {14,5231 36,923 36,923 44,724 42,644 171 209 25,937 13,067 6,542 3,837 171 25,937 6,542 1,740 324 546 546 34,213 5,043 2,734 403 36,947 5,446 27,755 4,012 Total exp?ndltur• 127,783 6,713 29,820 164,116 128,167 Serylce ¢hary8s ar8 paid by the charity to th8 Haberdashers, Company and the Hab8Tdashers Operallng Company la subsidiary of the Haberdashers. Company) for office accommodation and facilities provided by and $h2red with those companies and with other connected charities. The service charges do not exceed the cost lo those companies of providing the services. Under joint ¢ontracts of employment and a paymaster arrangemenl, salary costs for staff working for the Haberdashers, Company a5 Estate Trustee are paid by Haberdashers, Oparating Company and allo¢aled to the various entities managed by the Haberdashers, Company on the basis of time Spent. The number of staff employed by the Haberdashers, Company and the charities under its trusteeship durlng the year. on a head¢ount basls, was 1512022.. 14). There were no employee benefits exceedlng £60,000 for seNices Provided lo the Charity during the y•ar 12022.. none). Staff ¢05ts, for services provided lo the Charity in the year, comprised.. 2023 2022 Wage5 and salaries National insurance Pension costs 27.375 3.729 5.643 21,586 2,876 3,293 36,947 27,755 The Tru51ee receives no remuneratlon from the Charity and was not reimbursed for expenses except where noted above. 16
Haberdashers, Adams. Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 3. ANALYSIS OF EXPENDITURE l¢ontlnued) Expenditure on legal fees and professional advice inGludes the following amounts pald to the Charity'5 audllors Ilncluding VATI.. 2023 2022 Audit fees- current year Audit fees- prlor year Total 12.900 550 8.190 4,240 12,430 13,450 4. TANGIBLE ASSETS 2023 2022 Freehold Land and Buildlngs Cost Balance as al 31 August 1,863,896 1,863.896 Doprèclatlon Balance al 1 September Charge for the year Balance at 31 August 385.332 36,923 348,409 36,923 422,255 385,332 Net book value Al 31 August 2023 1,441.641 1,478.564 At 31 August 2022 1,478,564 1,515,487 Included In freehold land and bulldings Is land with a cost of £17,795 which is not depreciated. Th8 freehold land and buildlngs Included an asset Idlsposed of in 20181 which 1$ subject to a Charity Commlssion replacement order whlch expires in 2033. This order requlres annual transfers from nel Income of the unreslricled funds to the Permanent Endowment Fund lo replace past capital expended (see note 11 (ell. 17
Haberdashers. Adams. Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 5. INVESTh1ENTS Unrestrl¢tgd Funds Pemianent Endovmient Funds Totsl Freehold Investmgnt property Market value at 1 September 2022 115,500 115.500 Market value al 31 August 2023 115,500 115,500 HaberdasherB' ChaTItIfr8 Investmont Pool Market value at 1 September 2022 Unrealised loss 3.349.375 163,6771 3.349,375 163,677) Market value at 31 August 2023 3,285,698 3,285,698 DlversSflod Property Fund for Charltlo8 Market value at 1 September 2022 Unrealised loss 404,431 {62.1541 404,431 {62,154) Market value al 31 August 2023 342,277 342,277 Propgrty Incom8 Trust for Charltle8 Market value at 1 September 2022 Uniealis6d loss 85,304 (19,6481 85,304 119,648} Market value at 31 August 2023 65,656 65,656 Total market value at 31 August 2023 407,933 3,401,198 3,809,131 Total market value at 31 August 2022 489,735 3,464,875 3.954,610 Land al Longford Hall was revalued in 2011 by Carter Jonas. The Trustee has subsequentty vieWed these values and believes there has been no malenal change. 18
Haberdasher8' Adams. Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 MOVEMENT ON UNAPPLIED TOTAL RETURN Unapplied total retum Is calculated relative lo the value of the trust for investment at 30 June 2009 (base value), that being the base dale determined by the Trustee as appropriate for the Charity's endowment fund. New endowment gifts totslling £984.559 have been received since the base date and are included in the trust for investment reported below. Trust Unappllod for Totsl Inv98tment Rotum Total 2023 Total 2022 Trust for investment at 1 Septemter 2022 1,822,953 1.526,422 3,349,375 3,547.068 Investment relums.. Investment income Realised and unrealised bsses Transfer to trust foT applutson 77,276 77,276 80,292 163,677) (63,6771 1197,6931 177,278) {77,2761 180,2921 1,822,953 1,462.745 3,285,698 3,349,375 Trust for Investment at 31 August 2023 7. DEBTORS: AMOUNTS RECEIVABLE WITHIN ONE YEAR 2023 2022 Interest receivable Rènts receivable Snve51ment income Prepayments Other debtors 3,997 1,453 7,203 3,769 463 7,787 17,012 36,535 28,317 38,970 65.566 19
Haberdashers, Adams. Grammar School Charlty NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 8. CREDITORS: AMOUNTS FALLING OUE WITHIN ONE YEAR 2023 2022 Purchase of alms house Bank loan Bank overdraft Grants to beneficiarfes Loan interest accrued Deferred income Other creditors and accruals 92,375 46,000 92,375 46,000 6,795 1,590 4,166 92,278 6,795 801 4,166 93,610 243.204 243,747 9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Bank loan repayable as follows., 1 to 2 years 2 to 5 years 34,500 46,000 34,500 34,500 80,500 20
Haberdashers. Adams, Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Perman•nt Endowmènt Total Funds Funds Unrestrlcted Funds Rostrlcted Funds Tangible assets Fixed asset investments Net current Iliabilitiesll assets Creditors due after more than one year 1,441,641 3,401,198 15,0501 1,441,641 3,809,131 174,534) 407,933 1233.974) 164,490 127,500) (7,0001 (34.500) 146,459 164,490 4,830,789 5.141,738 11. THE FUNDS OF THE CHARI Balance 31 August 2022 Incom• Expend- Nol Net Balan¢• ituro Inv•slment tran•fer8 31 August galn81 2023 £ 11089e8) Unrestrlcted Fund8 General fund Designated School fijnd lal 94,902 1120,2891 {81,8021 107,189 50,000 16,9041 1110,8561 146,459 144,902 1127,193} 181.8021 13,6671 146,459 214,219 214,219 Ro•trl¢tod Fund8 Annual Payments Fund (bl Governors, Fund {c} School Maintenance Fund Idl 7,788 116,326 7,788 156,702 40,376 124,114 40.376 164,490 Endowment Funds Permanent Endowment le} Second Permanent Endowment {fj 3,177,078 {36,923) 130,3941 3,667 3.113,428 1,750,644 (33,2831 1,717,361 4,927,722 136,9231 163,6771 3,667 4,830,789 Total Funds 5,266,055 185.278 1164,1161 (145.4791 5,141,738 21
Haberdashers, Adams, Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 11. THE FUNDS OF TrIE CHARITY {contlnuedl la) The Designated School Fund receive5 Income from the School which is designated for use In connection with the School buildings. Any reserves held in the General Fund at year end are transferred lo the De51gnaled School Fund. When there is a deficit in the General Fund. a transfer is made from the Designated School Fund in order to maintain a £nil balance in the General Fund. Ibl The Annual Payments Fund ceiVe$ and distributes 9'h of the net general fund incoma of the Charity lo benefi'ciaries listed in the governing Schem8 of the Charity. In years where th8re Is a deficit no dislribulions are made. (¢1 The Govemors, Fund Is available lo make payments in support of School activities at the dlscretion of the GoveTnors. {dl The School Maintenance Fund receives income Irom the Second Pemianent Endowment Fund which may be used only for the purpose of maintaining the SGhool's Ils18d buildings, under a SeGts'on 106 agreement with the local authority. lel The Permanent Endowment Fund is a mixture of bulldings and investments. The buildings are functional endowment, which are subject to depreciallon. The balance cf the endowmonl is invested lo produce income for the General fund and receives annual repayments from the Designated School Fund. These repayments will contlnue untll 2033. when the Charity Commission replacement order will have been satisfied Isee note 41, lfj The Second Permanent Endowment Fund was created to receive assets transfeTred from th8 main Pemianent Endowment Fund, which are subject to further reslriclion In that income from the investments ol thls fund must be credited to the restricted School Mainl•nan¢e Fund. 12. TRADING SUBSIDIARY Adams Newport Limilecl (Company number 6702065) ceased Iradlng and transferred its remaining assets and liabllilies to the Charity in 2022,. net assets of £4.908 being transferred. The comp8ny was dissolved on 11 July 2023. 2023 2022 R68uIt: Adminislrab'on expenses Interest payable 11,7411 Loss for year ended 31 August Movements on reserves: Opening reserves Loss for year Di5tributlon to charity 11,7411 6,649 {1,7411 14,908} Closing reserves al 31 August Balance sheet Current assets Creditors falling due wlthin one year Secured loan from the Charity Net assets at year end 13. TAXATION The Charity does not trade for tax purposes and il Is not liable to corporation tax on its surplus. 22
Haberdashers. Adams, Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 14. RELA TED PARTIES The Haberdashers, Company is named as the permanent Trustee ofth& Haberdashers, Adams, Grammar School Charity. The School is part of the Haberdashers, Wesl Midlands Academi8s Trust, a separate company limSled by guarantee and an exempt charity. The Haberdashers, Company is the Trust sponsor and a member of the Trust company. The Haberdashers, Company Can appoint up lo a further four members of the Trust company. The Charity and the Trust, having related objects and common control, are regarded as connected charities. The School made a conlribution from non-public funds of £50.000 {2022.' £50,000} to support building projects by the Charity. The Charity's endowment funds are invested predominantly in the Haberda$hers' Charities Investment Pool, a common investment fund also having the Haberdashers. Company as Trustee. Dislribulions of £77,276 12022.. £80,292) were received from the Investment Pool in the year, an unalised loss of £63.67712022'. £197,693) was 9eneraled by th6 Charity's investment in the Pool. The Trustee was 1mbUr8ed for certaln expenses incurred In the year on behalf ol the Charity (see note 3 for details for both the current and prior yearl. Nellher the Trustee nor any member of ils govemlng body. the Court of Wardens. otherwise receives any remuneration or benefits from the Charity 12022.. £nil}. A donation of £30,00012022'. £50,000) was received from the Trustee in the year. 23
Haberdashers, Adams, Grammar School Charlty NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 16. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEO 31 AUGUST 2022 Pomianent Rgstricted Endowmènt Funds Ftsnds Total Fund8 2022 Unrestrlct8d Funds Incom8 and endowments from: Donations from the Trustee Inveslmenls.. Investment income Rental income Chanlable activi118S'. School buildings contribullons Other Income.. Total return allocated to Income 50,OQO 50,000 21,306 2,066 80.292 101.598 2,066 50.000 so,000 38,353 41.939 180,292) 161,725 41,939 203,664 Expendlture on: Raising funds Charitable aclivitles.. Donations and grants other costs 5,786 5,786 42.644 42,814 42.644 79.737 36.923 91,244 36,923 128,167 Net incomo lexpendlturo) befoie galns on Investments 70.481 41,939 136,923} 75,497 Not galnslllossesl on Inve8tment¥ 74,595 1197,6931 1123,0981 Net Incomel{expendlturel 145,076 41,939 {234,6161 147,6011 Tran5fer8 between fund8 13.6671 3,667 Net movement In fund8 141,409 41.939 {230,9491 {47,6011 Reconclllatlon of Fund8: Total funds brought forward 72,810 82,175 5,158,671 5,313,656 Total fund$ carrlod for4Yard 214.219 124.114 4,927,722 5,266,055 24
Haberdashers. Adams. Grammar School Charfty NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 17. ANALYSIS OF EXPENDITURE FOR THE YEAR ENDED 31 ALIGUST 2022 Charltablg actlvltlé# Ralaing fund• Govern- &nc• Total 2022 Co8ts directly allocated to actlvltles Insurance of School buiklings Less.. insurance paid by School Depreciation of School buildings Grants lo School Propety advice and management fees Legal fees and professional advice Loan interest Impairment of Investment of subsidiary ¢ompany Support costs Allocated direct Allocated on the basls of staff lime.. Staff costs Service charges Total frxpondltur 12.179 {14,523) 36.923 42,644 12,179 (14,523} 36,923 42,644 209 209 13,067 3,837 13,067 3,837 1.740 1,740 324 324 24,757 3,579 2,998 433 27,755 4,012 105,559 5,786 16,822 128, 187 25
Haberdashers. Adams. Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 18. INVESTMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Unr•strlcted Funds Permanent Endowment Funds Total Freehold Inve8tmènt property Market value at 1 September 2021 Market value at 31 August 2022 115,500 11S,500 115.500 H•b•rda8her5' Charftlès Investment Pool Market value at 1 September 2021 Unrealised bss Market value al 31 August 2022 115,500 3,547,068 1197.693) 3.349,375 3,547,C68 (197,6931 3,349,375 Dlver8lfled Proporty Fund for Charitl•s Market value at 1 September 2021 Increase in investment cash Unrealised gain Market value al 31 August 2022 291,637 50,000 62,794 291,837 50.000 62,794 404,431 404,431 Propèrty Ineome Trust for Charltle8 Market value al 1 September 2021 Increase in investment cash Unrealised gain 51,504 22,000 11,800 51,504 22,000 11,800 Market value al 31 August 2022 85,304 85,304 Total market value at 31 August 2022 489,735 3,464.875 3,954,610 Totsl market value at 31 August 2021 343,141 3.662,568 4,005,709 26
Haberdashers. Adams, Grammar School Charity NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023 19. ANALYSIS OF NET ASSETS BETWEEN FUNOS FOR THE YEAR ENDEO 31 AUGUST 2022 P8rmantnt Restricted Endowment Fund5 Funds Subsldlary Unrestricted Company Fund$ Total Fund8 Tangible assets Fixed asset investments Nel Current assetsllliabililie51 Creditors due after more than one year 1,478,564 1,478,564 3,464.876 3,954.610 615 169,047) 116,3331 (80,5001 489,734 1193.776) {64.1671 124.114 231,791 124,114 4,927,722 5,283,627 20. THE FUNDS OF THE CHARITY FOR THE YEAR ENDED 31 AUGUST 2022 Not Expend- Inv¢$lmont Not Balanc• Ituro galn81 tran8fers 31 August Ilossg81 2022 Balanc 31 August 2021 In¢ome Unrestrlctod Fund8 General fund Deslgnaled 5Ghool fund lal Unrestricted 165,8081 138,618 111,725 {87,4061 50,000 13,8381 161,725 191,2441 74,595 133.1061 29,439 13,6671 214,219 214,219 72,810 74,595 Re8trlcted Fund8 Annual Payments Fund Ibl Governors, Fund Icl School MaintenanGe Fund {dl 7,788 74,387 7,788 116.326 41.939 82,175 41.939 124,114 Endovmient Funds Permanent Endowment le) Second Permanent Endowment ifj 3,304,697 136,9231 194.3631 3,667 3,177,078 1,853,974 (103,3301 1,750,644 5.158,671 136,923) 1197,6931 3,667 4,927.722 Total Charity Funds 5.313,656 203.664 1128.167) 1123,0981 5,266,055 27